PEGAS, the natural gas platform launched jointly by EEX and Powernext, will introduce new products and services to assist the gas community. 24/7 trading on the French PEG Spot Markets and contracts on Belgian hubs are scheduled to be launched on 9 July 2014, depending on member readiness.
Five and a half years after the launch of its Spot gas market in France, and following members requests for extended trading hours within the scope of the gas target model directives on balancing, Powernext will make its Spot services available on a 24/7 basis. Trading during off hours and weekends will be possible on the three French hubs (PEG Nord, PEG Sud and PEG TIGF), joining the pre-existing 24/7 service offered by EEX on GASPOOL, NCG and TTF Spot market areas.
In addition, trading of individual days will be introduced for all PEGAS Spot market areas (GASPOOL, NCG, PEG Nord, PEG Sud, PEG TIGF and TTF) in order to facilitate trading during weekends but also on and around UK, French and German bank holidays.
“We are very satisfied with Powernext extending its opening hours to 24/7, as it will help GRTgaz and its customers to fulfill the Balancing Network Code requirements, performing balancing activities later during the day and over the weekend. This will also increase the activity on the French hubs and thereby secure the whole gas system”, said Olivier Edmont, Head of the GRTgaz gas system division.
On the same day, PEGAS will enter into the next phase of its development with the launch of exchange products on Belgian hubs for the Spot and Derivatives Market. Spot contracts will be introduced on Belgium Zeebrugge Trading Points for high and low gas qualities (ZTP and ZTPL) on a 24/7 basis, including the new Spot maturities. All relevant locational spreads with other European hubs, including the ZTP / TTF spread will also be listed.
“We are contemplating a European-wide coverage of our gas offer. We now have the opportunity to launch Belgian products as a first step, and further extensions will follow” comments Jean-François Conil-Lacoste, CEO of Powernext.
The new offering includes the first monthly contract maturity for trading with delivery on ZTP, enabling trading of Futures contracts on ZTP through an anonymous, cleared and regulated organized market for the first time.
“Having PEGAS operating on ZTP will help in growing the liquidity on this developing hub. Fluxys especially welcomes the introduction of a front month contract as a key contribution towards the creation of transparent market price references specific to the Belgian market“, noted Rudy Van Beurden, Fluxys’s Communication Manager.
In a second step, Spot and Futures contracts on Zeebrugge Beach (ZEE) and National Balancing Point (NBP) will be introduced later in 2014 on PEGAS, including the “basis spread” product (ZEE/NBP).
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PEGAS To Extend Services To 24/7 On French Pegs And To Launch Belgian Gas Contracts
Date 22/05/2014