The EU council is preparing an urgent package of measures to reduce energy prices.

On September 9, the energy ministers of the European Union countries will agree joint efforts towoard minimizing the record-high prices for gas and electricity. According to Politico, the Czech government, which presides over the Council of the EU, is engaged in developing a pan-European plan. The Czech Republic has a list of proposals from all countries that will be considered at the ministerial meeting. For example, some EU members proposed limiting gas prices from “specific jurisdictions,” referring to Russia. Another one of the ideas is the introduction of price caps by analogy of the oil price cap mechanism agreed on by the G7 countries. Also on the agenda is the option of eliminating the link between electricity prices and the cost of gas. Other probable measures are the limitation of excessive profits of energy companies, changes in energy exchange trading rules, and the temporary suspension of energy derivatives trading.