Energy ministers from the European Union, EU, meet in Prague on Wednesday to plot what the European Commission should propose as the bloc’s next emergency energy measure.

The 27-country EU is deciding on measures to tame soaring energy prices and shield consumers from surging bills, as Europe heads into a winter of scarce Russian gas, a cost of living crisis and the looming threat of recession.

 

Talks among EU leaders last week did little to clarify the next steps.

 

Others were more hopeful a consensus was emerging. The senior EU official said countries were leaning towards the Iberian model of capping the price of gas used for power generation as a quick fix.

 

Spain and Portugal implemented that scheme in June, which helped curb local power prices.

 

The idea has gained support among other countries, although some worry it could raise EU gas demand since Spain’s gas use increased under the measure.

 

EU countries have already rushed through emergency energy windfall profit levies, gas storage filling obligations, and electricity demand curbs to address the surge in energy prices driven by Russia slashing gas supplies since it invaded Ukraine.

 

 
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