The European Commission on Tuesday proposed a temporary cap on natural gas prices, with the goal of taming energy costs and safeguarding supplies ahead of winter. The so-called “Market Correction Mechanism” would serve “to protect EU businesses and households from episodes of excessively high gas prices in the EU,” while reducing volatility on European gas markets, according to the Commission. “Following the Russian invasion of Ukraine and weaponization of energy supplies, natural gas prices have seen unprecedented price peaks across the EU,” a statement from the Commission said. At the end of August, Russian state-run energy company Gazprom shut down its main gas pipeline to Eur
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