EU seeks $140B to cope with energy crisis

EU outlines plans for raising more than $140 billion to cope with an energy crisis that has increased the prospect of winter fuel rationing, corporate insolvencies and economic recession

Europe's energy crisis has increased the prospect of winter fuel rationing, corporate insolvencies and economic recession.

"EU Member States have already invested billions of euros to assist vulnerable households. But we know this will not be enough," European Commission President Ursula von der Leyen told members of the European Parliament on Wednesday. She said the plan should raise more than $140 billion for the EU's 27 members to support households and businesses.

Europe's benchmark gas price rose to about $208 per megawatt hour on the comments, well below an August record above $343 but more than 200 percent up on a year ago.Will the EU’s new measures ease the gas crisis?Europe has been racing to refill its storage facilities and has already met target to have them 80 percent full by November.

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