The EU has bitten the bullet and proposed a cap on European wholesale gas prices of €275 per megawatt hour (about $83/MMBtu), but it's far from certain that EU energy ministers will approve it when they meet to consider the divisive issue on Thursday. The proposed price cap is perhaps the most controversial of the EU's various policy responses to a surge in gas and electricity prices this year, triggered by a sharp fall in Russian gas supplies against the backdrop of the war in Ukraine. The EU's 27 member nations have been deeply divided over the idea of a price cap and businesses that are active in the gas market ... (full story)