The Belgian energy minister has called for an immediate gas price cap

The EU could suffer “terrible” winters in the years ahead if the bloc’s leaders don’t take immediate steps to impose a price cap on uncontrolled gas prices, according to Belgian Energy Minister Tinne Van der Straeten.

“The next 5 to 10 winters will be terrible if nothing is done,” the minister tweeted. “We must act at the source, at European level, and work on freezing gas prices.”

A price cap could help cut soaring energy bills by €770 ($770), according to Van der Straeten, who said the link between gas prices and electricity prices needs urgent reform.

The comments come as EU leaders plan an emergency intervention to combat skyrocketing energy bills for businesses and consumers across the 27-nation bloc.

“The European energy market is failing and urgently needs reform,” Van der Straeten stated. “This is no longer tenable for many families and companies. Electricity is produced as cheaply as last year but sold at record prices. By reforming, we are tackling exuberant excess profits.”

“The time for talking is over, now it is time to decide,” the minister said.

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