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EU approves measure to limit natural gas prices in effort to combat energy crisis



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Environmental campaigners argue the risk of sabotage or an accident makes fossil infrastructure a “ticking time bomb.”Lisi Niesner | ReutersEuropean Union energy ministers agreed to a “dynamic” cap on natural gas prices Monday after two months of intense negotiations.Introducing a limit on gas prices has proved controversial for European officials. While many EU member states have argued that the measure is essential to bring down sky-high energy costs for consumers, others have worried about the potential market implications of the policy.”We did our job, we have the deal. Another mission impossible accomplished,” Jozef Sikela, industry minister of the Czech Republic, which holds the presidency of the Council of the EU, said in a press conference.Energy ministers overcame their differences and agreed to what they’re calling a market correction mechanism. It will be automatically activated under two conditions: If front-month gas contracts exceed 180 euros ($191) per megawatt hour on the Dutch Title Transfer Facility …

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