The European Commission’s energy agency recommends an “emergency wholesale price cap” on natural gas supplies.
The two options they cited are:
- A cap on prices for gas from Russia
- A system that would differ from country to country
The discussion document is partly irrelevant now with Russia closing Nord Stream 1 but gas still flows from Russia via other pipelines.
What all this highlights is that a market-economy for energy in Europe has failed. Now we’re into experimenting with different hybrid systems of managing supply.
This article was originally published by Forexlive.com. Read the original article here.