EU seeks guidelines to cushion consumers from huge energy price hikes this winter  

Benchmark European gas prices have risen by more than 250% since January

European power prices have rocketed this year, more than trebling in Spain and elsewhere, mainly fuelled by the rising price of gas used for power generation and heating, in addition to low renewable energy output and higher EU carbon prices.

The EU is drafting guidelines on steps members can take to tackle power price spikes without breaching energy market rules, officials said, as consumers face a sharp rise in bills with winter approaching.

European power prices have rocketed this year, more than trebling in Spain and elsewhere, mainly fuelled by the rising price of gas used for power generation and heating, in addition to low renewable energy output and higher EU carbon prices.