Austria announces price cap to curb rising power prices

BERLIN (AP) — The Austrian government has presented plans for a power price cap to curb the rise in energy costs. Chancellor Karl Nehammer said Wednesday that the cap should ease costs for an average household of three by about 500 euros per year. The government will provide around 3 billion to 4 billion euros to finance the measure. It will take effect in December and last through the end of June 2024. The cost-relief plan comes at a time when Austria and other European countries are struggling to contain an energy crisis and rising prices as Russia has throttled back supplies of natural gas.