The EU gas Market Correction Mechanism(MCM, see here) goes into effect today. In the event that the required conditions are reached, i.e. the relevant TTF related commodity derivative goes above 180 EUR/MWh and 35 EUR above the “reference price” for 3 working days, a “correction period” is entered. ACER have already started to publish the “reference price (see here) and also the LNG price assessment (see here). At present the levels are well below the cap.

ACER and CEER have published their response to the EU Commission’s consultation on the future energy market design (see here). The response can be found here.