IEA’s Birol Tells EU to Consider Breaking Power-Gas Price Link

The European Union should consider ways to sever the link between gas and electricity costs to limit the fallout from the Iran war, according to the head of the International Energy Agency.

Fatih Birol, the IEA’s executive director, joined a meeting of the EU’s finance ministers on Friday to assess the impact of the conflict on the economy. Energy prices are at the top of the bloc’s political agenda as concerns over its falling competitiveness compared to China and the US have been exacerbated by tensions in the Middle East.