The European Commission’s energy regulator will start publishing daily price assessments for liquefied natural gas from Friday, as European Union authorities look for a new pricing mechanism to reflect the growing share of LNG in the total volume of gas traded in the bloc.

The new price assessment is part of Europe’s attempt to have other references available alongside the Dutch Title Transfer Facility (TTF), the recognised benchmark for natural gas in Europe, which EC President Ursula von der Leyen described as “no longer fit for purpose” after the extreme price swings seen over the northern hemisphere summer.