On Friday the European Commission announced that the Market Correction Mechanism (MCM), which limits the price of derivatives with TTF as the underlying, will apply to derivatives with all EU Virtual Trading Hubs (VTP) as the underlying from 1st May. The draft legislation can be found here. The MCM started operation as part of the Gas Council regulation earlier this year (see here).

Another strand of the regulation was the publication of an LNG price assessment and benchmark by ACER. While the assessment has been published for several weeks the first benchmark value was published today (see here). The publications are supported by a data reporting requirement that has been in effect since January (see here).