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.

Although Pertamina remains cautious and the company declined to make official comments on any concrete plans to purchase Russian crude going forward, Ambara Jaya said that the state-run refiner finds several Russian crude grades to be suitable feedstocks.

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.

The share of imports from Russia has likely risen because of lower imports into China and shifting trade patterns following Russia’s full-scale invasion of Ukraine. Western economic sanctions have reduced demand for Russian crude oil, and as a result, have left Russia to look for alternative export destinations.

The European Commission aims to publish Sept. 28 a document detailing future steps to ease volatility and increase trading volume in energy markets after surging prices led to ballooning margin calls

Benchmark futures jumped as much as 10% for a second day of gains. In the latest move to ensure supply, Germany said it will nationalize Uniper SE and avert a collapse of the energy sector with winter just days away.

G7 countries have also agreed to finalize a price cap for Russian crude. The US Treasury has indicated that three separate price caps will be introduced -- for crude, high-value refined products and low-value refined products.

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.

With European energy prices at acute levels, there are huge risks that could destabilise the whole social, economic, and political fabric of Europe.