PEGAS, the pan-European gas trading platform operated by Powernext, announces the successful launch of products for the British and Italian gas hubs on 26 March 2015.
On the UK’s National Balancing Point (NBP), PEGAS launched physically settled Spot contracts, available for 24/7 trading, and Futures contracts. On Italy’s Punto di Scambio Virtuale (PSV), financially settled Futures (ICIS Heren) are offered for trading. Yesterday, on the first day of trading, transactions were concluded for both new market areas.
When the market opened, 13 trading members were already set up for trading on NBP with more members, currently in the process of being admitted. The first transaction was concluded at 08:44 am CET on NBP Spot Within-Day at 48.00 pence per therm with a volume of 100,000 therms between E.ON Global Commodities and Delta Energy BV. In total, a volume of 250,000 therms was traded on the first trading day.
“The successful launch was possible thanks to the great support we have received from the UK gas trading community, including the British authorities. We look forward to the upcoming launch of the first location spread between the Zeebrugge and NBP hubs later in April”, comments Dr. Egbert Laege, Executive Director Gas Markets of EEX Group.
The launch of the Zeebrugge Spot and Futures is scheduled for 17 April 2015, as well as the location spread ZEE/NBP which will be available for trading the first time on an exchange.
On the PSV hub, the first transaction was completed at 08:35 AM CET for April 2015 delivery between Axpo Italia and GDF Suez Trading for a price of 23.00 Euro/MWh and a volume of 21,600 MWh. The total volume in PSV contracts amounted to 28,800 MWh on the first trading day. Also 13 members were ready for trading, further members are in the admission process.
Jean-François Conil-Lacoste, CEO of Powernext, adds: “The successful launch of the PSV Futures serves the needs of the Italian trading community and represents an integral part of PEGAS’ development. We are also happy to announce that PEGAS will launch physical futures contracts on PSV by the end of the second quarter 2015.”
The physical Futures will be launched alongside the financially-settled Futures, with spread products between the two segments, as well as a physical PSV/TTF spread.