Gas prices fall as EU mulls controls and windfall taxes

European Commission will propose targets to cut power demand, including a mandatory goal on lowering demand during selected peak hours, according to a draft regulation

'We are seeing a major energy crisis — but I still don’t see this being translated into facts in terms of energy demand reduction in our daily lives.'

Wholesale prices of European gas fell by up to 7% on Monday as markets waited for details from the European Commission of its energy crisis package that may include price caps and windfall taxes on energy producers.

Prices for the key fuel that is used to produce large amounts of electricity in Ireland and the rest of Europe nonetheless remain at over six times above levels of a year ago, according to futures markets.