EU's von der Leyen backs price cap on Russian pipeline gas

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EU's von der Leyen backs price cap on Russian pipeline gas
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Europe needs to impose a price cap on Russian pipeline gas, EU Commission chief Ursula von der Leyen said on Friday, to foil what she said were Russian President Vladimir Putin's attempts to manipulate the bloc's energy market.

She also called for measures to skim off some windfall profits that electricity suppliers have made from the gas crisis, using the money to support vulnerable citizens and companies.

In the EU's current electricity market, generators sell their power at a price set by the last power plant needed to meet demand - often, a gas plant, which has meant the recent surge in gas prices has driven up the cost of electricity.

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