The Intercontinental Exchange (ICE) has warned that it will consider moving its gas trading hub outside the European Union if Brussels agrees to a plan to cap gas prices.

EU energy ministers will meet Monday to try to approve the proposed gas price ceiling after months of wrangling among countries that disagree over whether the measure would help their efforts to rein in soaring energy prices and inflation.

If agreed, the market correction mechanism would be imposed on customers and market infrastructure without time for sustained testing and careful risk management, ICE said in a statement quoted by Reuters.

The European Commission called the gas price cap a market correction mechanism. ICE, as the market operator, is responsible for considering all options if this mechanism is agreed upon, up to and including whether an efficient market in the Netherlands would still be viable, ICE said.

The TTF is the most liquid gas futures market in Europe, attracting a wide range of gas suppliers, wholesale traders and speculators. Dutch gas network operator Gasunie, which set up the TTF in 2003, said the TTF's trading platform also benefits Europe's fuel supply because the trading activity attracts gas, increasing supply stability in the Netherlands.

The European Commission last month proposed a cap that would go into effect if the TTF price exceeds €275 per megawatt hour for two weeks at the beginning of the month and is €58 above the benchmark price of liquefied natural gas for 10 days.

If approved by EU countries on Monday, the restriction law would take effect Jan. 1. EU countries are negotiating the proposal, with some countries pushing for a much lower cap of €200/MWh or lower.

Last week, ICE warned the EC that its proposal to cap gas prices could actually lead to higher prices if it prompts market liquidity providers to buy short positions and stop selling TTF gas futures.