ACER publishes its assessment report on the market effects resulting from the gas Market Correction Mechanism

The European Union Agency for the Cooperation of Energy Regulators (ACER) published its assessment report on the effects of the Market Correction Mechanism (MCM) on energy markets and security of supply.
The MCM was established in December 2022 to protect citizens and the economy against excessively high gas prices by setting a bidding limit on certain financial derivatives traded at EU exchanges.
ACER and the European Securities and Markets Authority (ESMA) (eventid=19976) were tasked with assessing the market effects from the introduction of the MCM and submitting their reports to the European Commission.
The reports found no significant impacts (positive or negative) that could be directly attributed to the adoption of the MCM, but emphasised the need for regular monitoring of gas markets and trading activities to identify risks and potential impacts in the future.
ACER also identified valid arguments for extending the MCM to other Virtual Trading Points (VTPs) and using the same activation and de-activation conditions and dynamic price-bidding limit.
There were no technical reasons identified to revise the key design elements of the MCM.