European Union leaders struggled on Friday to bridge significant differences over a natural gas price cap as winter approaches and Russia's war in Ukraine fuels a major energy crisis, driving up prices for consumers and businesses.
The price cap is one of several measures the 27-nation bloc is preparing to contain an energy crisis in Europe that some fear could lead to rolling blackouts, factory shutdowns and a deep recession over the winter in economies already weakened by the coronavirus pandemic.
Russia has reduced or cut off natural gas supplies to 13 EU member nations as European governments bolster their support for Ukraine in the form of weapons, money, aid and sanctions on Moscow.
The potential for shortages has led to surging gas and electricity prices that could climb higher as demand peaks during the cold months.
Standing in the way of an agreement was the simple fact that each member country depends on different energy sources and suppliers, and they're struggling to see eye-to-eye on the best way ahead.
Latvian Prime Minister Krisjanis Karins summed up the challenge for the EU as it considers a possible gas-price ceiling.
“A price cap on gas, if that could be achieved, would be grand — with the caveat that we cannot endanger security of supply,” Karins said. “So we cannot set the price so that no one would sell gas into Europe.”