Setback for plans to curb energy demand as wholesale gas prices jump 7%

The price hike will affect how European countries handle the fast approaching winter

A liquefied natural gas ship arriving at a terminal in Kent, in England. Britain plan to slash the wholesale cost of energy in bills this winter. Picture: PA

Plans by European governments to curb the consumption of energy this autumn and winter faced a setback, as the price of wholesale gas jumped 7% following recent sharp declines. 

The European Commission only last week laid out what it called "extraordinary" proposals to cut electricity consumption by 10% this winter, and to raise €142bn by imposing a cap on revenues on energy producers.