EU energy ministers have been wrestling for months over the idea of capping gas prices.

Europe is facing a 27 billion cubic meter natural gas shortage in the winter of 2023-2024, the International Energy Agency warned on Monday.

A growing number of European countries are looking to quit the Energy Charter Treaty, a controversial international accord that protects energy investments and that environmentalists say is jeopardizing climate transition efforts in member countries, sparking new hopes that the agreement might eventually be shelved.

The spike in energy prices is driving up inflation and the cost of living across the EU, hitting lower-income households the hardest.

Natural gas and nuclear power are set to be included in the EU taxonomy for sustainable activities, albeit on a transitional basis.