EU may not step into energy market

More expensive: A person using a petrol pump in Lisbon, Portugal. Energy is top on Europe’s political agenda after fossil fuel costs hit a record high. — Reuters

BRUSSELS: European Union (EU) leaders may hold off on endorsing intervention in the bloc’s wholesale energy market as member states are divided on the most effective emergency options to curb soaring power and gas prices, exacerbated by Russia’s invasion of Ukraine.

Instead, at a summit this week, the EU heads of government may agree on immediate actions to replenish depleted natural gas storage and on urgent measures to help retail consumers shoulder some of the burden of rising energy bills, according to diplomats with knowledge of the matter.