The European Commission sent Member States, on Tuesday 15 November, a document outlining its future legislative proposal for a cap on fossil gas prices.
Called the ‘market correction mechanism’, the envisaged instrument would consist of a cap on the settlement prices of energy derivatives traded on the Title Transfer Facility (TTF) - the price index established on the main European gas exchange in the Netherlands - starting from the 1st January 2023.
It would concern ‘front-month’...