EU considers gas price cap extension to avert winter crisis: Report

The European Union is considering extending an emergency gas price cap introduced in February, amid fears the conflict in the Middle East and sabotage of a Baltic pipeline could push prices up again this winter, the Financial Times reported on Sunday.

The European Commission said there was "no indication of negative effects" since the measure had entered into force and that natural gas prices were now almost 90 per cent lower than last year, the report said, citing a presentation to EU diplomats.