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.

The 27-nation bloc has already agreed on a voluntary target to cut gas consumption by 15% after Russia, its biggest supplier, cut shipments following the invasion of Ukraine. Still, more action is needed to contain the energy crunch that’s fueling inflation and risks recession.

Benchmark prices declined as much as 6.4%, after rising 19% over the previous two days.

Despite the fact neither Nord Stream nor Nord Stream 2 were flowing gas to Europe at the time of the incidents, gas prices rose as much as 9% in early trading Sept. 27.

Dutch front-month gas, the European benchmark, rose 11% to 206 euros per megawatt-hour at 8:47 a.m. in Amsterdam. Price increased 7.1% on Tuesday.

The currently out-of-action Nord Stream pipeline system was damaged, with Germany saying it suspected it was an act of sabotage.

Naftogaz and Gazprom signed in December 2019 a gas transit agreement under ship-or-pay terms, meaning Gazprom is obliged to pay for transit whether it uses it or not.