Energy ministers will discuss natural gas price ceilings as one strategy to tackle excessive energy prices around the European Union, according to Reuters. According to the publication, topics up for consideration on September 9 include a price ceiling on natural gas imports, caps on gas used to generate electricity, and the temporary removal of gas-fired power plants from the bloc’s process for setting electricity pricing.

To counter the Russian President’s purported attempts to sway the EU energy market, Ursula von der Leyen, President of the European Commission, urged that a price cap be imposed on Russian gas imports last Friday. It now looks that a price cap for all natural gas imports, including those from steadfast allies like Norway, is being contemplated.

According to a document acquired by Reuters, the energy ministers will also talk about the paper energy markets at their meeting on September 9. Due to the extreme volatility that resulted in billion-dollar bailouts for energy utilities in several European countries, legislators and regulators have been paying more attention to this market.

Excerpt from the document: “The margin requirements for futures contracts have increased commensurately with increased daily price fluctuations. This makes it almost impossible for an increasing number of companies to keep their hedging positions open, triggering their withdrawal from the futures markets.”

The cost of natural gas has soared by 400% on the spot market in Europe over the past year. While the majority of the rise has been attributed to a reduction in Russian gas exports, some are beginning to blame the financialization of Europe’s energy markets. Ironically, this is a direct result of European institutions’ deliberate efforts to reduce the bloc’s reliance on Russian gas, whose supply was previously under long-term contract.