Meeting in Brussels, EU energy ministers finally agreed, on Monday 19 December, on a legislative proposal to cap the price of gas traded on the TTF derivatives market - the benchmark for gas prices generally used in the EU - in the event of sharp rises (‘market correction mechanism’, or MCM), setting the price level triggering the cap at €180/MWh.
“The negotiations were not easy and it took us a long time, (but) we managed to find an important agreement that will protect citizens...