PEGAS, the pan-European gas trading platform operated by Powernext, launched new physical natural gas Futures contracts on the Italian Punto di Scambio Virtuale (PSV) on Friday 18 September 2015 to complete its existing PSV Financial Futures offer. These contracts have been designed under the new regulatory framework developed by the Italian Regulator AEEGSI and in close collaboration with Gestore dei Mercati Energetici – GME and Snam Rete Gas, the Italian Transmission System Operator. Clearing is performed by ECC, the central clearing house for energy and related products in Europe.
22 members were signed up for the first trading session, among which 2 acting as market makers. The first transaction was completed at 08:32 AM CET on the PSV October contract between Axpo Italia and GDF Suez Trading for a volume of 10 MW at 21.20 €/MWh. A total of 28 trades were made for a volume of 783 360 MWh for the new instruments on this first day. Transactions were concluded on all listed maturities, creating price signals on the entire curve.
Egbert Laege, Powernext’s CEO, mentions: “PEGAS is looking forward to boosting liquidity in Italy, bringing clearing facilities and delivering a long expected physical market on PSV not only to its 169-member community, but also to the entire Italian gas trading community.”
The first deliveries on the Snam Rete Gas grid will take place on 1st October, using the GME nomination interface which perfectly fits the PSV standards, optimizing operations and collaterals for the Italian physical shippers.
“ECC welcomes the recently introduced regulation in Italy which creates a state of the art process for Exchanges and Clearing Houses to offer trading and clearing services to the Italian community. ECC will offer cross-margining with the very successful Italian Power Futures contracts listed by EEX. This should save significant margins deposits to the PEGAS members”, comments Thomas Siegl, Chief Risk Officer of EEX Group.
The range of instruments includes the next 3 Months, the next 3 Quarters, the next 2 Seasons and the next Calendar Year. Furthermore, PEGAS introduced a location spread between PSV and TTF as well as a spread between the existing financial product and the new physical product for PSV on all Futures maturities.
PSV Financial Futures were launched on PEGAS on 26 March 2015.
PEGAS is the central gas trading platform of EEX Group operated by Powernext. PEGAS provides its members with access to all products on one single platform and allows them to trade natural gas contracts in the Belgian, Dutch, French, German, Italian and UK market areas. The product range of PEGAS covers spot and derivatives contracts for the major European gas hubs as well as trading in location spread products between these market areas. This setup enables market harmonisation and forms the leading pan-European natural gas market. For more information: www.pegas-trading.com
EEX Group provides the central market platform for energy, energy related and commodity products and enables access to a network of over 400 trading participants. The offering of the group comprises contracts for Energy, Environmentals, Freight, Metals and Agriculturals listed at the European Energy Exchange, EPEX SPOT (incl. APX-Belpex), Powernext, Cleartrade Exchange and Gaspoint Nordic. Clearing and settlement of transactions concluded or registered on the exchanges is provided by the central clearing house European Commodity Clearing. EEX is part of Deutsche Börse Group. For more information: www.eex.com
Powernext is a regulated market operating under AMF supervision. Powernext manages the natural gas activities of the EEX Group under the PEGAS brand throughout Europe, and operates the National Registry for electricity guarantees of origin in France. Powernext owns 40.3% in EPEX SPOT and 20% in EEX Power Derivatives. For more information: www.powernext.com
