EU mulls cap on electricity prices as costs soar

The Czech presidency of the European Union has called for an emergency meeting of the bloc’s energy ministers to consider measures for dealing with the energy crisis, including imposing a ceiling on the price of electricity.

That such a move is being considered is indicative of the gravity of the situation, which threatens the EU with recession – indeed, some analysts believe it is already in one – and social unrest. Governments have been revising their budgets in a seemingly vain quest for an effective crisis management strategy.

An increasing number of European leaders realize that subsidies and electricity conservation schemes are not enough to put out the fire of galloping prices. And southern European countries are more hopeful that, after the northern countries have started seriously feeling the pressure, they would be amenable to an EU-wide solution.