EU nations seek joint approach to contain energy prices

The European Union on Friday intensified its mission to shield the population from dramatically increasing energy prices that threaten to plunge millions into cold and poverty over the winter as tensions mount with Russia over the war in Ukraine.
The energy ministers of the EU’s 27 nations gathered in an emergency meeting and hoped to overcome differing views on proposals to bring natural gas and electricity prices back to affordability. The measures range from windfall levies on oil and gas companies whose profits have risen along with skyrocketing prices to setting a price cap on Russian gas.
Several ministers underlined that reaching an agreement would not be easy, given each country’s energy mixes, supplies and needs, but they conceded that time is of the essence if the most vulnerable people across Europe are to receive timely assistance. Russia has cut back supplies of natural gas that power factories, generate electricity and heat homes, driving up energy prices to record highs and fueling inflation that is poised to tip Europe into recession later this year.