Europe's gas and energy trading industries have urged the European Union not to cap gas prices, as Brussels seeks ways to protect consumers and businesses from energy price spikes.

With gas prices spiking again, that conversation is taking on fresh urgency. Demand is up amid a cold snap, while Europe also recently lost Russian gas coming through Ukraine. This week, EU gas benchmark futures rose to €58 per megawatt hour — their highest level in two years.

Europe’s biggest energy producers and traders warned the European Commission against introducing a gas price cap as a tool during times of crisis, after some officials raised the idea in recent months.