Europe-wide gas price cap needed to limit soaring costs – Engie CEO

BRUSSELS – A Europe-wide cap on gas prices is needed to respond to soaring prices and contain price volatility in the gas and electricity markets, Engie chief executive Catherine MacGregor said on Wednesday.

“As a matter of urgency, I think it’s really important that we take a look at capping wholesale gas prices at European level. That will make it possible to contain the volatility,” MacGregor told a panel hosted by the French government.

“We’ve never reached such levels in the past,” she said of recent increases in European gas prices. “I think that that is why it justifies a measure, a cap. We’re in exceptional circumstances.”

(Reporting by Kate Abnett)