Italian Proposal to Cap Gas Prices Gaining Steam, Italian Minister Says

Italy's proposal to cap natural gas prices in Europe is garnering greater support with countries viewing it as the only solution to rising oil costs, Italian Energy Minister Roberto Cingolani said, Bloomberg reported. Italy suggested placing a limit on the price of gas imports from Russia to slow inflation, but Germany, among other countries, has been reluctant to take up the plan, Bloomberg said June 20. Cingolani said a price cap "seems to be the only sustainable solution," with the move skirting the risk of "someone waking up some morning" and putting forward "a crazy gas-price level." Other measures under consideration include separating prices for gas-fired power from renewable energy prices and generating greater electricity from coal-fueled plants, Cingolani said. Germany has announced plans to reboot coal-fired power stations to drop the reliance on Russian gas.