Council (TTE) reaches political agreement to extend the gas market correction mechanism
What is it about?
The EU energy ministers agreed to extend the gas market correction mechanism (MCM) for a period of one year, until 31 January 2025.
Ministers at the Transport, Telecommunications and Energy (TTE) Council meeting (19 December 2023) reached a political agreement to extend the period of application of three Council regulations (adopted in December 2022) designed for emergency situations, including the gas MCM (see the Council's press release).
Next, the Council will aim to formally adopt the regulations by written procedure.
What is the gas market correction mechanism?
The MCM Regulation (December 2022) established a gas MCM to protect EU citizens and the economy against excessively high energy prices. It entered into force on 1 February 2023, initially for a period of one year, and tasked ACER with the calculation and publication of the MCM reference price.