Natural-gas prices in Europe slid as traders braced for a proposal from the European Commission to place a price cap on wholesale markets if the energy crisis spirals into an emergency.
The proposed cap on the continent’s benchmark gas contract would be a last-ditch measure to soften the blow for consumers and businesses if gas prices reached extreme levels and other tools to calm them have been exhausted, according to the draft proposals seen by The Wall Street Journal. The proposal contains several conditions for activating the cap, which is opposed by Germany and some other European Union countries.
