EU agrees gas price cap with 180 eur/MWh trigger – document

European Union countries‘ energy ministers approved a cap on gas prices on Monday, which would be triggered if benchmark gas prices spike to 180 euros per megawatt hour, according to officials and a document seen by Reuters.

The EU gas price cap would kick in if prices on the front-month Dutch Title Transfer Facility gas hub contract exceed 180 eur/MWh for three days, a document detailling EU ministers’ agreement showed.

The cap can be triggered from Feb. 15 onwards, and will not apply to over the counter trades initially, the document said.