EU wants its new cap on gas prices to end huge spikes     

The price cap is designed to prevent extreme market swings, and once activated, it will remain in place for at least 20 working days

A surge in gas futures in August sparked concerns about prices spiralling out of control due to speculation, rather than supply and demand.

The European Union agreed to cap natural gas prices next year through a complex plan with several caveats. 

The cap, set to take effect from the middle of February, requires a few conditions before it is triggered: for three working days, the benchmark price must be above €180 a megawatt-hour and also at least €35 above global prices for liquefied natural gas.