The energy ministers of EU member states reached a political agreement on the 19th, agreeing to extend the duration of three emergency measures to address the energy crisis by one year to prevent potential energy price shocks. Theresa Rivera, Deputy Prime Minister and Minister for Ecological Transition of Spain, the rotating presidency of the European Union, stated that extending these three emergency measures is necessary to address the still fragile situation in the EU, ensure energy market stability, mitigate the impact of the crisis, and protect EU citizens from the impact of high energy prices. According to the press release released by the European Council on the same day, the Council will formally adopt relevant regulations through written procedures, publish them in the official gazette of the European Union, and take effect immediately after the expiration of the current regulations. After the outbreak of the Ukrainian crisis, energy prices in Europe remained high due to the tight energy supply. The European Commission has introduced a series of emergency measures, including setting a natural gas price cap, accelerating the approval and deployment of renewable energy projects, and coordinating natural gas procurement and supply, to address the energy crisis. Among them, the measure of setting a ceiling on natural gas prices has received much attention. Last December, EU member states reached an agreement to set a natural gas price ceiling and agreed to establish a temporary "market correction mechanism" with a validity period of one year. If the Dutch Centre for Transfer of Ownership (TTF) natural gas futures price, which serves as the benchmark price for European natural gas, exceeds 180 euros per megawatt hour for three consecutive working days, and the TTF price is more than 35 euros higher than the global liquefied natural gas price within these three working days, a "market correction mechanism" will be triggered. (Lai Xin She)