The price of natural gas in Europe fell on Thursday to 197 euro per Megawatt-hour, returning below the threshold of 200 euro per Megawatt-hour for the first time since the beginning of August, reports DPA.

This development came in the context in which the prices for FTT contracts on the stock exchange in the Netherlands, where the reference rates in Europe are set, fell by almost 8%.

The drop in quotations comes a day before the meeting of European Energy Ministers, which would discuss the risks faced by member states due to the decrease in Russian natural gas supplies, a situation that would persist for several months and affect the continent’s economy.

Earlier this week, natural gas prices in Europe were close to the 300-euro threshold for a Megawatt-hour as markets digested the news that Russia had cut off natural gas transit to Europe via the Nord Stream 1 pipeline, according to TVR.

The European Commission will propose a cap on the price of Russian natural gas, alongside measures such as a mandatory target for reducing electricity use during peak consumption periods, a cap on the revenues of companies that produce low-cost electricity and a solidarity contribution of on the part of the oil and gas companies, the president of the Community Executive, Ursula von der Leyen, announced on Wednesday.