PEGAS, the joint natural gas platform of EEX and Powernext, will further expand its product portfolio with Spot Market contracts for the British National Balancing Point (NBP). The new product is scheduled to be launched on 15 October 2014.
The offering for the NBP hub comprises physically fulfilled contracts for Within-Day, Day-Ahead, Weekend, Saturday, Sunday and Individual Days which will be tradable on Trayport® ETS(SM). The payment process for the trades already takes place on the following business day. Trading of the new NBP product will be available 24/7.
“The extension of our gas offering to the British market area is an important step to further develop PEGAS towards a truly Pan European gas platform”, says Jean-François Conil-Lacoste, Chief Executive Officer of Powernext. Peter Reitz , Chief Executive Officer of EEX, adds: “PEGAS has become the clear leader with regards to liquidity in exchange traded spot gas contracts in continental Europe. Our ambition is to extend this level of liquidity to the NBP spot market as well.”
Clearing and settlement of all transactions will be executed by European Commodity Clearing (ECC) which conducts the nomination of the trades on behalf of the participant and ensures a straight-forward financial settlement.
For trading of the new products, participants will be exempt from fees for six months, starting on 15 October. This includes trading fees as well as clearing and delivery fees. Furthermore, new members on PEGAS do not have to pay the annual membership fee for the first year of trading.
This announcement follows the successful launch of Spot and Futures contracts for the Belgian Zeebrugge Trading Point (ZTP) and the introduction of 24/7 opening hours on the French PEG Spot Markets. Since 9 July, spot contracts for Within-Day, Day-Ahead, Weekend, Saturday, Sunday and Individual Days as well as spreads between ZTP and NCG, TTF, GASPOOL and PEG-Nord are tradable. At a later stage, PEGAS will launch Spot contracts for the Belgian hub Zeebrugge Beach (ZEE) as well as the associated location spread between ZEE and NBP.
In the first half of 2014, a volume of 248.4 TWh was traded on the PEGAS markets which is more than the total volume reached in 2013 (222.6 TWh).
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PEGAS To Launch Spot Contracts For NBP
Date 30/07/2014