EU to propose natural gas price cap after Nov. 24 meeting

The European Commission plans to propose a cap on natural gas prices after Nov. 24, as it seeks to contain an energy crisis stemming from Russia’s invasion of Ukraine, the EU’s energy policy chief told Reuters on Wednesday.
The 27-country European Union has for months debated whether to cap gas prices, as the bloc struggles to contain soaring inflation and energy prices driven by Russia slashing gas supplies to Europe.
EU energy commissioner Kadri Simson said the Commission, which drafts EU policies, would propose a cap after a meeting of EU energy ministers on Nov. 24 where they are expected to instruct the bloc’s executive to move ahead with the proposal.
“We will move swiftly and we will make a legal proposal immediately after ministers will mandate us to do so,” Simson said in an interview on the sidelines of the COP27 climate summit in Egypt.