Energy prices in Europe fell on Tuesday, following signs that the region is stepping up efforts to ease a crisis that threatens to trigger a recession, Bloomberg reports.

In Germany, energy futures for next year fell 26%, while in the Netherlands the price of natural gas fell 11%. Both contracts also fell on Monday, after last week’s record increase.

Prices have been extremely volatile in recent days, due to the reduced level of transactions and increasing uncertainties. Gazprom is going to suspend gas deliveries to Germany through the Nord Stream gas pipeline, between August 31 and September 2, for maintenance works, according to Agerpres.

The European Union is preparing to intervene quickly to mitigate rising energy costs, which are fueling inflation and increasing the risk of recession. And the gas storage capacities in the region are filling up quickly, increasing the chances that Europe will get through this winter, being well supplied.

The President of the European Commission, Ursula von der Leyen, will discuss the reform of the energy market. On Monday, the EC chief announced that the EU bloc was looking to develop a tool to remove the links between gas and electricity prices and said urgent action was needed to stop high costs.

“Any decision regarding capping energy prices will limit the profitability of generating energy from burning natural gas, which could lead to a decrease in demand. Taking into account the uncertainties and the limited level of liquidity in the market, prices are likely to fluctuate significantly”, he appreciated Warren Patterson, from ING Groep NV.

Risks in Europe remain high. Gazprom informed Engie about the reduction of gas supplies, starting on Tuesday, due to the disagreement between the parties regarding the application of some contracts.