UPDATE 2: Minister: EU limits gas price at 180 euros per MWh

(adds details in paragraph 3)

BRUSSELS, Dec 19 (PRIME) -- The E.U. energy ministers have agreed to limit the gas prices at 180 euros per megawatt-hour (MWh) in the framework of a program of market adjustments, Malta's Minister for Environment, Energy and Enterprise Miriam Dalli told reporters on Monday.

According to the official, each of the member countries managed to make concessions in order to reach the deal. Dalli pledged continuation of monitoring of the situation by the E.U.

The Council of the E.U. released a statement saying that the mechanism will be launched on February 15 if the monthly futures for the TTF index exceed 180 euros per MWh, and its spread to the liquefied natural gas (LNG) price exceeds 35 euros. The mechanism will not be applied to over-the-counter deals.

On November 22, the European Commission suggested setting the upper limit of the price of monthly gas futures under the TTF index at 275 euros per megawatt-hour (MWh). The Financial Times reported that after postponing the decision, the E.U. states were considering reducing the limit to 220 euros per MWh.

End