22/12/2022 (Agence Europe) – EUROPE would like to add to the article dated 19 December describing the agreement between EU Member States’ energy ministers on the ‘market correction mechanism’ (see EUROPE 13087/1). The agreement provides for the possibility of activating a dynamic cap for orders placed for trading in TTF derivatives - the standard price indicator on European gas markets - and derivatives linked to other virtual trading points (see EUROPE 13087/1). As we reported, OTC transactions are excluded from the scope of application of the mechanism. However, the text specifies that they could be included at a later stage, on the basis of a Commission proposal, depending on the outcome of the reports of the European Securities and Markets Authority (ESMA) and the EU Agency for the Cooperation of Energy Regulators (ACER). The mechanism will initially apply only to the TTF, but will normally be extended to other European virtual trading points by 31 March 2023 through an implementing act. (DG)