Europe’s authorities have introduced electricity demand reduction targets, revenue caps for renewables and a tax on fossil fuel profits as emergency measures to tackle soaring energy prices, but stopped short of applying a cap on wholesale gas prices.

In an extraordinary meeting of the European Union Transport, Telecommunications & Energy Council (TTE) today in Brussels, energy ministers agreed to a package of measures that tackle power demand, excess profits at energy producers and allows member states to set temporary price caps on power supplies for small businesses.