PEGAS successfully expanded offering to the Spanish market

PEGAS successfully expanded offering to the Spanish market

Paris, 20 June 2019 - PEGAS, the pan-European gas trading platform of EEX Group, operated by Powernext, successfully introduced spot and futures contracts for the Spanish Virtual Balancing Point (PVB) on June 18th.

 

Physical spot products (Within-Ahead, Day-Ahead and Week-End contracts) and physically delivered futures contracts (Month, Quarter, Season and Calendar Year products) are now available for trading and will lead to the delivery of natural gas at the PVB hub, which is operated by ENAGAS. All transactions are cleared through European Commodity Clearing, the central clearing house of the EEX Group.

 

On Wednesday 19 June, a first trade was registered between Centrica Energy Trading  and Danske Commodities for an amount of 240 MWh at EUR 13.150. On the launch, the new PVB products benefited from the contribution of two market makers, Engie and Axpo Iberia. “The Spanish market is strongly physically driven and most trades are still done through bilateral credit lines with physical settlements. PEGAS comes with a complementary offer to the market that will allow for transaction clearing”, comments Richard Katz, Director of Sales at Powernext. 

 

Egbert Laege, President of Powernext, adds: “We are confident that our products will answer the traders’ needs to find suitable counterparties, inside and outside of Spain, while benefitting from cross margining effects when trading geographical spreads or other EEX commodities”. 

 

After introducing its JKM® LNG future contract in May, the integration of this 10th country in PEGAS’ portfolio reassures the platform’s ambitions to shape the European market further while connecting local markets with the global gas market. This is a further step for EEX Group towards becoming the preferred global commodity exchange group.
 

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 Austrian, Belgian, Czech, Danish, Dutch, French, German, Italian, Spanish 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, time spread, and options products on the TTF hub. This setup enables market harmonisation and forms the preferred pan-European natural gas market. For more information: www.powernext.com/pegas-trading