BRUSSELS - The European Commission's proposed cap on gas prices will jeopardise the existence of the continent's entire textile and clothing industry, according to the Euratex trade body.
Euratex says the European Commission plan to propose a price cap on the wholesale gas price at €275/MWh (US$285/MWh) is a bitter disappointment for European textiles and clothing manufacturers.
It is warning EC President Ursula von der Leyen that any price cap above the level of €80/MWh (US$83/MWh) would not help the EU industry – the textile sector in particular – to survive the current crisis.
