European energy industry urges EU not to cap gas prices- Europe's gas and energy trading industries have urged the European Union not to cap gas prices, as Brussels seeks ways to protect consumers and businesses from energy price spikes. ngc.co.ttBenchmark European gas prices rose this week to a two-year high of 58 euros per megawatt hour (MWh), boosted by cold weather and depleting gas storage tanks. That has added to concerns about the higher energy prices European firms face, compared with competitors in the U.S. and China. The cap was designed to kick in if European gas prices hit 180 euros per megawatt hour. It was never triggered, as the benchmark EU gas price has not reached that level since Europe's energy crisis in 2022, after Moscow slashed gas deliveries to the region.