The 27 EU member states are trying to hammer out an agreement that can be implemented by the end of the year. The commission on Tuesday proposed to limit the price of the upcoming contract on the TTF market. TTF accounts for around four-fifths of gas trading in the bloc.

Despite having already spent hundreds of billions of euros ensuring storage sites are filled this winter and providing support to households and businesses, the strain on public funds as well as pain for households and businesses are likely to continue next year.

Failure to reach a deal would send a signal that the EU’s united response to the war-driven energy crisis is falling apart -- a political gift for Moscow that Europe is keen to avoid.

Japan has many years of experience operating the High-Temperature Test Reactor (HTTR), a 30 MWt prototype graphite-moderated helium gas-cooled reactor, and Poland has been working with Japan for several years on the potential implementation of such technology.

Exceptionally mild weather across Northwest Europe since October has led to a sharp drop in gas prices from record levels over the summer.

They focused on prospects for implementing the initiative to create a major gas hub in Turkiye. The President of Russia voiced this initiative in October, and Recep Tayyip Erdogan supported it.

Meanwhile, the European Union is continuing talks about ways to limit spikes in gas prices ahead of a meeting of energy ministers next week.

Benchmark gas futures settled 9.2% higher, following an increase of 16% on Monday. Freeport LNG in Texas will likely extend an outage that began in June, increasing global competition for much-needed supplies right before the winter.

The Netherlands, Poland, Spain, France and Italy have been the top five destinations for Saudi oil in the region this year, all of which have also been regular buyers of Russian crude.

Risks over existing gas supplies from Russia will continue through the coming months, with just one pipeline route open to the biggest European customers.

Currently, the most expensive form of generation -- gas -- sets the price for all electricity that’s sold into the market. That means consumers are bearing the brunt of Russia’s supply cuts to the continent. It also means Europe isn’t feeling much of the benefit of low-cost renewables like wind farms, which get to sell at big margins.

Additional domestic gas production from a bigger reserve base in the Black Sea may allow Turkey to reverse some of the recent electricity and gas price hikes.

"The Krško nuclear power plant is synonymous with a stable, reliable and safe nuclear power plant. If there were more such power plants in Europe, the energy situation at the European level would be significantly better."

Dutch front-month gas, Europe’s benchmark, traded 2.4% higher at €119 per megawatt-hour by 8:43 a.m. in Amsterdam after losing 5.8% a day earlier.

“Türkiye, due to its geographical position, is an energy corridor from Russia, Iran, and Saudi Arabia. Any kind of natural gas or oil that is going to be transported or shipped, will cost less and will be shipped more safely,”