Europe's gas and energy trading industries have urged the European Union not to cap gas prices, as Brussels seeks ways to protect consumers and businesses from energy price spikes. The European Commission is preparing a package of measures,

Europe’s biggest energy producers and traders warned the European Commission against introducing a gas price cap as a tool during times of crisis, after some officials raised the idea in recent months.

Prices have surged due to low temperatures and weak wind conditions, which have hampered renewable energy production. Additionally, gas prices in the EU are now three to four times higher than in the US,