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The temporary mechanism for correcting the gas market in the European Union will prohibit transactions in certain futures for this fuel at a cost above a special dynamic limit, the EU Council said in a statement.
It will be automatically launched when the price of a monthly futures on the largest European gas hub TTF exceeds 180 euros per MWh (about 1861 euros per thousand cubic meters) for three business days and at the same time when this price is 35 euros higher than the indicative cost of LNG in the world markets.
Once the mechanism is activated, the dynamic limit will be valid for at least 20 business days. If it is below 180 euros per MWh for three consecutive working days, the mechanism will be automatically deactivated. The limit can also be deactivated, for example, if there is not enough gas in the European Union to meet demand.
The mechanism is designed to limit excessive jumps in gas prices in the EU, which do not reflect world market prices, the release says. Its creation was agreed on the eve by the energy ministers of the EU countries, and it will begin to operate from February 15, 2023.
Source: Rosbalt
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