Prague, Vienna, Paris, Leipzig, 21 September 2017 – Powernext, CEGH and PXE have today finalised their plans for the launch of the PEGAS CEGH Czech Gas Market. All spot products and futures contracts currently available on the PXE gas market will be opened on PEGAS on the 8th December 2017.
PEGAS CEGH Gas Exchange Services, the joint venture established by Powernext and CEGH in 2016, will be responsible for the marketing and development of the PEGAS CEGH CZ products, in cooperation with PXE. All former products of the PXE gas market will be listed under the Powernext license.
In addition to opening all current spot and futures products, Powernext will introduce new geographical spread products with TTF, GPL, NCG and CEGH VTP for all current products. Current PXE Gas Exchange members will be eligible for admission to Powernext via a simplified membership process.
The clearing house European Commodity Clearing (ECC) will continue to provide clearing and settlement of all PEGAS CEGH Czech contracts in the future. ECC is the dedicated clearing house for all natural gas transactions concluded via PEGAS.
David Kučera, CEO of PXE, stated: “This cooperation will enable our current market participants become more active in Western Europe. Based on our previous experience I am sure that this will help local players to become more pan-European. Furthermore, I hope that this cooperation will make our market more accessible for additional market participants and this will result in unlocking the market potential.”
Gottfried Steiner, CEO of Central European Gas Hub AG, comments: “With the migration of the CEGH Czech Gas products to the PEGAS platform we will further develop the Czech gas market and link the Central Eastern European gas markets closer together. Our clients will be able to trade spreads between Czech Republic and other markets such as the Austrian CEGH-VTP.”
Egbert Laege, CEO of Powernext, adds: “The launch of the PEGAS CEGH products as part of the PEGAS portfolio is the logical next step of our cooperation with CEGH, widening our product range and expanding our geographical reach eastwards.”
Central European Gas Hub AG (CEGH) is the operator of the Virtual Trading Point (VTP) in Austria and provides a gas nomination platform for international gas companies. The Gas Exchange products for the Austrian market are offered on the PEGAS platform in cooperation between Powernext and CEGH. Moreover, CEGH also offers the CEGH Czech Gas Exchange in cooperation with PXE. CEGH is a subsidiary of OMV Gas & Power (65%), Wiener Boerse (20%) and Eustream (15%). In 2016, CEGH established itself as one of Central Europe's leading trading platforms when it achieved a nominated volume of 533 TWh of natural gas at the CEGH-VTP. For more information: www.cegh.at
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. For more information: www.powernext.com
POWER EXCHANGE CENTRAL EUROPE (PXE) established in July 2007, offers trading in Czech, Slovak, Hungarian, Polish and Romanian electricity and operates the CEGH Czech Gas Market in cooperation with the Austrian Central European Gas Hub AG (CEGH). PXE also offers end consumers the opportunity to find the best electricity supplier by means of electronic auctions. For more information: www.pxe.cz
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, Austrian, Danish 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 preferred pan-European natural gas market. For more information: www.pegas-trading.com