Brussels, 22 December 2022
The Council formally adopted a regulation that sets a market correction mechanism to protect citizens and the economy against excessively high prices.
The regulation aims to limit episodes of excessive gas prices in the EU that do not reflect world market prices, while ensuring security of energy supply and the stability of financial markets.
EU energy ministers reached a political agreement on the Council regulation on 19 December 2022. The regulation was adopted today by written procedure. It will now be published in the EU Official Journal and enter into force on 1 February 2023. The provisions related to the bidding limit will enter into force on 15 February. The regulation will apply for one year.
- Outcome of the written procedure (with votes)
- COUNCIL REGULATION Establishing a market correction mechanism to protect citizens and the economy against excessively high prices
- Council agrees on temporary mechanism to limit excessive gas prices (press release, 19 December 2022)
- Proposal for a Council regulation establishing a gas market correction mechanism
- Energy prices and security of supply (background information)
Source – EU Council