Gas prices have skyrocketed so much that many families are facing a major financial burden when it comes to heating their house or apartment. The EU has plans to introduce a gas price cap. After the electricity price brake in Germany, there could be a noticeable relief if the EU states can agree.
EU develops plans for gas price caps
Since less and now no more gas flows through Nord Stream 1, the prices for it have skyrocketed. After Germany decided on its own electricity price brake, the European Commission now also wants to act. So is there is now talk of a gas price cap that limits prices and thus as an emergency measure, like the sanctions, would limit the rapidly rising price of gas. The EU would limit prices in this way and could only act as a joint buyer to Russia. In this way, the countries would not push each other up in price (via Spiegel).
This would have a direct impact on the prices people would have to pay, while limiting Russia’s profits from gas. Experts currently consider this to be a great risk, because it there would be a risk that Russia would stop supplying gas to Europe. This is currently hardly the case anyway and there is currently no prospect of improvement. Nevertheless, such a decision cannot be taken lightly and must be coordinated with all members. So we’ll have to wait and see what becomes of it.
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Electricity price brake with many question marks
Meanwhile, Germany does not want to wait any longer and is planning an electricity price brake. The price of the basic consumption of electricity for singles and families is to be capped at 75 percent. There is currently only one sample calculation of what the electricity price brake could look like. A concrete resolution with all the details and when the electricity price brake will take effect is not yet known.