The European Union's top executive said Friday that the bloc's electricity market 'is no longer operating' amid the Ukraine war, and proposed a price cap on Russian pipeline gas.
Gazprom started cutting supplies through the Nord Stream 1 pipeline in mid-June and Russia has reduced gas deliveries to several European countries which have sided with Ukraine in the war.
To tackle the price crisis, von der Leyen said she firmly believes that “it is now time for a price cap on Russian pipeline gas exported to Europe,” and proposed to decouple electricity from gas prices.
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