Wholesale gas prices jump 12% even as EU unveils 'extraordinary' plan to cut electricity consumption

Irish business experts welcomed the Commission's proposal plan to raise €142bn for member states to help fund subsidies. 

The price of wholesale gas jumped even as the European Commission unveiled what it said were "extraordinary" proposals to cut electricity consumption by 10% this winter and to raise €142bn by imposing a cap on revenues on energy producers.   

The price of European gas for delivery over the winter months climbed 12% this afternoon, suggesting that further significant price pressures were building for households and businesses in the coming months, Irish experts said.