The European Commission unveiled a series of proposals to curb the energy price spike that has rocked Europe after Russia reduced fuel exports to retaliate for Western sanctions over its invasion of Ukraine
European gas and power prices have rocketed this year as Russia cut fuel exports to retaliate for Western sanctions over its invasion of Ukraine, leaving many struggling to pay bills and utilities grappling with a liquidity crunch.
In separate steps to try and protect consumers from record-high inflation, France announced new energy price caps for 2023 and Denmark prepared its own temporary ceilings on energy bills., its largest importer of Russian gas, said the government could take a controlling stake to help it cope with the crisis, and a local utilities industry group warned of insolvencies among power companies.
The Commission said it was still looking into a Russian gas price cap, and discussing the idea of broader gas price caps, which have also divided member states, and were not included in Wednesday's proposals. Moscow played down the impact of lost gas sales to Europe, saying there were other countries willing to buy its energy as Europe seeks to reduce its dependence on Russia.
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