The Financial Times reports that the EU is contemplating the possibility of raising gas price caps to avert a potential winter crisis. The EU's concerns stem from lower energy prices and record-high gas storage volumes, which may not be sufficient in the face of ongoing events in the Middle East and instances of sabotage, such as the damage to the Balticconnector gas pipeline in the Baltic Sea.

At present, the European Commission has 'not observed any adverse effects' from the imposition of restrictions in February 2023, and gas prices are nearly 90% lower compared to the previous year, according to a presentation reviewed by journalists.

The presentation also suggests extending legislation that allowed EU member states to expedite the issuance of permits for the construction of wind and solar power plants.

Next month, the European Commission is expected to present a proposal outlining which measures should be extended.

The document emphasizes that 'Russia's war against Ukraine highlights Europe's vulnerability due to its reliance on non-renewable energy sources and critical raw material imports. This dependence poses a security risk and contributes to inflation, which has negative repercussions for social cohesion and competitiveness.