EU Sets Gas-Price Cap at €180 in Effort to Stem Crisis (3)

European nations reached a deal to cap natural gas prices at €180, ending months of political wrangling over whether to intervene in an energy crisis that has risked pushing the region into a recession.

The so-called gas market correction mechanism — a temporary measure designed to prevent extreme price swings — will apply for one year from Feb. 15.

The cap is significantly lower than an earlier proposal by the European Commission, which wouldn’t have prevented the spikes that the region saw earlier this year as Russia curbed gas supplies in the wake of its war in Ukraine.

“This mechanism ...