Representatives from across European industry have written to the European Commission asking for the swift imposition of a cap on gas prices and their decoupling from electricity rates.

The letter, signed also by European steelmakers association Eurofer, underlines that gas prices peaked recently at a level 15 times higher than pre-crisis rates. It also indicates that European prices are ten times higher than in the US, as well as above Asian prices. “It is clear that the relation with a normal market is lost,” the letter explains.

“Against the background of the State of the Union address of 14 September and ahead of the Extraordinary Energy Council of 9 September, we call on the European Union to urgently introduce EU-wide measures aimed at limiting the price of natural gas and also measures designed to disconnect electricity prices from gas prices. The temporary crisis state aid framework also needs to be adjusted to this new reality,” the letter seen by Kallanish concludes.