Business Maverick: Europe Gas Prices Drop as Nations Ramp Up Efforts to Ease Crisis

Benchmark prices dropped as much as 8.8% on Monday, extending last week’s decline. Germany, the U.K. and others plan to spend billions to ease their reliance on Russian imports, rescue local energy companies, and cap prices to alleviate pressures on businesses and households.

“The situation in European energy markets has started to improve across the last three weeks as policy action has taken shape and increasing evidence of price-induced demand response has emerged,” analysts at Timera Energy said in a note on Monday. Discussions on the European Commission’s proposals to help reduce the impact of the crunch continue and need to be signed off by member states. The plans include raising 140 billion euros from higher taxes on energy companies, mandatory curbs on power use during peak hours and increasing liquidity.

High deliveries of liquefied natural gas are also playing into the bearish sentiment, with the recently started Eemshaven LNG terminal boosting Europe’s ability to import cargoes. Germany’s decision on Friday to seize control of Russian firm Rosneft PJSC’s German oil refinery is seen as the first step in an overhaul that could give Berlin more control over the energy sector in Europe’s largest economy. The government is also in talks to

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