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An EU regulation on a gas price cap has come into effect.
Two months ago, EU energy ministers agreed on a European Council regulation that sets a market correction mechanism to protect households and businesses against excessively high prices.
The measure, which is temporary and will apply for one year, aims to limit episodes of skyrocketing gas prices in European countries that do not reflect market prices while ensuring the stability of financial markets.
The market correction mechanism is expected to be automatically activated if the month-ahead price on the Title Transfer Facility (TTF) exceeds 180€ (£160)/MWh for three working days; the month-ahead TTF price is 35€ (£31) higher than a reference price for liquefied natural gas on global markets for the same three working days.
The Agency for the Cooperation of Energy Regulators will monitor the markets and if it observes that a market correction event has occurred, it will publish a ‘market correction notice’ on its website.
