The battle to stop energy markets boiling over

European CCPs and supervisors join call for changes to mitigate any repeat of last year’s crisis

Credit: montage/Getty

The energy crisis that gripped Europe last year seems, at least for now, to be firmly in the rear-view mirror. The price of Ice’s Title Transfer Facility (TTF) front-month natural gas contract was €35 on June 16, down 90% on the €339 reached on August 26, 2022. Damaging defaults have been avoided, no clearing house has had to resolve its members’ positions, and the harsh winter that some had feared never came.

Yet objects in the rear-view mirror may be closer than they appear, and the market

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