The European Union’s energy ministers approved on Tuesday a plan to extend the emergency cap on natural gas prices for another year until the end of January 2025. The original cap on gas prices, the so-called “market correction mechanism,” was introduced at the end of last year to shield industry and households from excessive spikes in gas and power prices after the record-high levels seen at the end of the summer of 2022, when Russia cut off most of its pipeline gas supply to Europe. After…
