The European Union approved the gas price ceiling at the level of 180 euros/MWh. This was reported in the Council of the EU on December 22.

 "The Council of the EU officially adopts a temporary mechanism to limit inflated gas prices," the message reads.

 Officially adopted by the EU Council, the regulation reportedly establishes a market correction mechanism to protect citizens and the economy from excessively high prices. The Regulation is aimed at limiting cases of gas price increases in the EU that do not reflect prices on the world market, while ensuring the security of energy supply and the stability of financial markets.

 The market correction mechanism will be automatically activated if the following occurs:

 The month-ahead price at the Dutch gas hub TTF exceeds EUR 180/MWh for three business days;

 The TTF price for a month ahead is 35 euros higher than the LNG price on global markets for the same three business days.

 EU energy ministers reached a political agreement on the EU Council regulation on December 19, 2022.

 The regulation was adopted on December 22 in written form. It will now be published in the Official Journal of the EU and will enter into force on 1 February 2023. The mechanism will be applied from February 15, 2023. The regulation will be valid for one year.