Wholesale gas prices tumble as Europe prepares to intervene in energy markets

European Commission says it is working flat out' on emergency intervention and on longer-term structural reform

The wholesale price of gas has dropped sharply in a rare respite from recent highs on signs that Europe is preparing to intervene directly in energy markets.

The European Commission said it was working flat out" on an emergency package, and on a longer-term structural reform of the electricity market" to combat soaring prices while efforts to fill gas storage facilities appear to be ahead of schedule.