Germany’s Scholz Warns EU Gas-Price Cap Could Crimp Supplies

The German chancellor was speaking ahead of a two-day summit of EU leaders in Brussels. The bloc’s member states will discuss ways of keeping energy prices in check and ensuring supply security as well as the latest situation in Russia’s war in Ukraine.

Instead of a price cap, Scholz backed the idea of closely cooperating with buyers like Japan and South Korea to avoid competition for tight supplies, while also appealing to like-minded producers.

“I am convinced that countries like US, Canada or Norway, which stand with us in solidarity on the side of Ukraine, have an interest that energy in Europe doesn’t become unaffordable,” he said.