Credit: Freepik

European leaders cut gas prices to prevent a catastrophe.

Friday's gas delivery price plummeted 21% from Wednesday night's 405p per therm to 320p after the EU and Germany proclaimed "emergency measures."

Credit: Freepik

British wholesale gas prices for next week delivery decreased 9% to 350p and 6% to 431p on Thursday.

Credit: Freepik

The day-ahead price fell from 447p a therm after the European Commission stated it was working "flat out" on an emergency package and market reform.

Credit: Freepik

The European Commission said Thursday it is considering ways to control energy prices and cut electricity usage in upcoming proposals to combat increasing energy costs.

Credit: Freepik

Mechthild Wörsdörfer, deputy director general of the commission's energy department, said emergency measures are being considered for electricity pricing.

Credit: Freepik

Ursula von der Leyen will speak on 14 September about capping energy prices. After Russia curtailed shipments, European countries hurried to fill gas storage tanks.

Credit: Freepik

Germany is among the nations most vulnerable to gas shortages, and there are fears that if the Kremlin cut off supplies, its economy may collapse.

Credit: Freepik

Robert Habeck, Germany's economics and climate minister, said winter preparations had begun. "That's why we have answers and progress," he remarked.

Credit: Freepik

German chancellor Olaf Scholz claimed his government "took very far-reaching decisions swiftly"

Credit: Freepik

Bernstein experts said German officials believe the country can weather the next winter's energy crisis.

Credit: Freepik

THANKS FOR READING

Credit: Freepik