European Union regulators have delivered on the promise of a new LNG benchmark for the region in the hopes of increasing price transparency and deflating similar price surges that rocked markets last year.

The European Union Agency for the Cooperation of Energy Regulators (ACER) reported its first liquefied natural gas benchmark price Friday. ACER has been reporting daily LNG price assessments from information collected by market participants since January.

The regulator makes price assessments for LNG delivered to Northwest Europe, South Europe and a unified price for EU members. The benchmark is determined by the spread between ACER’s daily EU spot price and the TTF prompt-month settlement as reported by Intercontinental Exchange Inc.

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