European authorities are on high alert for any signs of sabotage on energy infrastructure since the destruction of the Nord Stream gas pipelines last month.

EU energy ministers gathering in Prague on Wednesday will consider that model, which has already been adopted by Spain and Portugal, allowing consumers to avoid the worst of the price surges.

Benchmark Dutch front-month futures dropped as much as 7.8% to 144 euros per megawatt-hour, the lowest intraday since July 1.

Europe's gas price benchmark, the TTF month-ahead contract, traded Oct. 7 below Eur160/MWh, more than 50% lower than peaks seen in late August.

"If a decision is made to start deliveries through Nord Stream 2's line B, natural gas will be pumped into the pipeline after the integrity of the system has been checked and verified by supervisory authorities," it said.

The current gas crisis also casts longer-term uncertainty on the prospects for natural gas, especially in developing markets where its use was expected to rise at least in the medium term as it replaced other higher-emission fossil fuels.

In a spokesman for the Kremlin last week where Europe was threatened about how difficult it would be to face the coming winter.

Benchmark futures declined as much as 5.9%. Ministers supported measures including a power-demand reduction goal and a profit grab from energy companies, and said more was likely this week.

The cap must cover all market revenues of producers and intermediaries participating in electricity wholesale markets, "regardless of the market timeframe in which the transaction takes place and of whether the electricity is traded bilaterally or in a centralized marketplace," the text said.

"On the price cap, there is nothing near a consensus," a diplomat from one EU country said.