European Union failed to evolve an agreement about gas price cap to protect their citizens from surging energy prices.
Despite 11 hours discussions at a summit in Brussels, the European leaders could not announce gas price cap.
The EU leaders gathered in Brussels with a “roadmap” to agreeing on measures to lower energy bills, which were soaring to record level because of Russia’s invasion of Ukraine.
The summit text showed a unity among the 27 member states, however, talks remained inconclusive as Germany rejected gas price capping formula.
The summit’s text calls on the European Commission and EU nations to explore ways to protect consumers from the high prices.
Germany’s Chancellor Olaf Scholz said the EU summit’s outcome was a “good signal of solidarity” but other leaders were showing frustration.
Before the Russia-Ukraine war, the EU was getting 40% of its gas from Russia, but in July the European Union reduced Russian gas usage by 15% which influenced Moscow to cut supplies. This strategy of Moscow triggered price hike and the European gas prices reached a record high of more than 343 euros ($335) per megawatt-hour in late August.
