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EU Outlines Conditions For Gas Price Cap

NATURAL GAS

The European Commission has outlined conditions under which the gas price cap mechanism will be automatically triggered, the EC said.

  • The first condition is that the front-month TTF derivative settlement price exceeds €275/MWh for two weeks.
  • The second condition is that the TTF European Gas Spot Index as published by EEX is €58/MWh higher than the reference price for LNG during the last 10 trading days before the end of the above-mentioned two weeks period.
  • The reference price for LNG will be calculated based on the daily average of a basket of benchmarks, consisting of the Daily Spot Mediterranean Market, the Daily Spot Northwest Europe Market, and the daily price assessment to be produced by ACER as envisaged in the Commission proposal for a Council Regulation of 18 October.
  • The mechanism can be automatically deactivated when conditions are met.
  • If unintended market disturbances or manifest risks occur, negatively affecting security of supply, intra-EU gas flows or financial stability, the Commission can issue a suspension decision.
  • The mechanism can only be activated as of 1 Jan 2023 and will be in force for one year.
Energy BulletsCommodities
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