BRUSSELS, December 19. /TASS/. EU member-states have approved a dynamic gas ceiling of 180 euro per MWh (about 1,850 euro per 1,000 cubic meters) to be applied from February 15, 2023, the EU Council said in its statement on Monday.

"The market correction mechanism will be automatically activated if the following 'market correction event' occurs: the month-ahead price on the Title Transfer Facility (TTF) exceeds 180€/MWh for three working days; and the month-ahead TTF price is 35€ higher than a reference price for LNG on global markets for the same three working days," according to the statement.

The price correction mechanism will be in effect during twenty days after activation. It can be turned off automatically if the price drops below 180 euro per MWh or manually if the European Commission believes a gas shortage formed on the market, which jeopardizes EU energy security.