European Union ministers will meet on Friday to discuss urgent bloc-wide measures to respond to a surge in gas and power prices hammering Europe’s industry and hiking household bills. A draft document said the ministers will consider options including a price cap on imported gas, a price cap on gas used to produce electricity, or temporarily removing gas power plants from the current EU system of setting electricity prices.

Ministers will also consider offering an urgent “pan-European credit line support” for energy market participants facing very high margin calls, said the document drafted by the Czech Republic, which holds the EU’s rotating presidency.

European gas and power buyers are bracing for further price pain when the markets open on Monday, after Russia said one of its main gas pipelines to Europe would remain shut indefinitely. Lower gas flows from Russia have pushed up European gas prices by nearly 400% over the past year.

Source: VOV5