
European Commission president Ursula von der Leyen has proposed an unprecedented intervention in European energy markets to bring down electricity and gas prices:
- Cap the price Europe pays for Russian gas.
- Cap prices of electricity generated in non-gas plants.
- Mandate energy conservation during peak hours.
- Tax windfall profits made by energy companies to finance relief for small businesses and households.
Russia immediately threatened to cut off all energy supplies if member states agreed to the plan.
The Netherlands, which led the opposition to a blanket cap on gas prices, could support one for Russian gas.
The Czech Republic, which holds the rotating presidency of the EU, remains skeptical. Industry minister Jozef Síkela told reporters a council of European energy ministers on Friday would consider only two proposals: delinking electricity and gas prices, and capping electricity generated in non-gas plants. (The second requires the first.) (more…)














