Polish Prime Minister Mateusz Morawiecki welcomed the European Union's (EU) decision to enact a price cap on natural gas on Monday.
EU energy ministers on Monday agreed on a gas price cap of €180 ($190) per megawatt-hour (MWh), the Czech presidency of the European Council announced.
Morawiecki expressed support for the price cap saying, 'This means an end of market manipulation by Russia,' via a post on his Facebook account.
The regulation, which will come into force on Feb. 15, 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, the European Commission said in a statement.
The measure will kick in if the Dutch Title Transfer Facility (TTF) natural gas futures exceed the price of €180 per MWh and are at least €35 above the average price of liquefied natural gas for three days in a row.
The European Commission proposed implementing a correction mechanism for gas prices in the markets last month to avoid the kind of dramatic price spikes seen during the summer months.
By Murat Temizer in Warsaw
Anadolu Agency
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