European electricity prices soared to new records in August, 2022. (Photo by Gerald Julien)

Energy ministers from EU member states will hold urgent talks in Brussels on September 9.

High gas prices have been followed by disruptions in the nuclear and hydroelectric sectors amid a heatwave blamed on climate change -- threatening businesses and households with massive bills.

"The skyrocketing electricity prices are now exposing the limitations of our current electricity market design," European Commission President Ursula von der Leyen told a forum in Bled, Slovenia.

The European Commission has yet to publish a detailed plan for market reform, but some member states have been pushing for a temporary cap on wholesale gas prices.

EU officials are also considering measures to split electricity prices setting from the gas price and take into account other energy sources.