BRUSSELS—The European Union said on Wednesday it would examine the way its power market is run and consider proposals to revamp regulations within the bloc. European electricity and gas prices have rocketed this year as tight gas supplies have collided with strong demand in economies recovering from the COVID-19 pandemic. Energy prices topped the EU’s political agenda on Wednesday, with environment ministers and the European Parliament each debating the issue after country leaders discussed possible responses on Tuesday evening. The crisis has divided member states over whether Brussels should intervene. “There is no question that we need to take policy measures,” EU energy commissioner Kadri Simson told the EU’s parliament. The Commission will next week publish a menu of options for how governments and the EU could react, and launch a study into whether the EU’s power market is fit to deliver the bloc’s planned transition to green energy, Simson …