Powernext Gas price references for the new Storengy offer

Powernext Gas price references for the new Storengy offer
As of 1st April 2010, natural gas storage operator Storengy’s new contract will use the price references of the Powernext Gas Spot organised market.

Powernext Gas Spot Reference Price:

 

Penalties in case of tunnel overrun and administered transfer of quantities of gas in inventory will be valorised using the Powernext Gas Spot DAP (Daily Average Price) indices published daily by Powernext for the “PEG Nord” and “PEG Sud”. Until now, these values originated from price references based on those of the Zeebrugge hub to which the relevant transportation cost is added.

“Our customers have welcomed this modification. Powernext Gas’s price references are considered reliable and representative of the true French market price”, comments Fabrice Vigneron, Head of Marketing and Sales of Storengy.

“The more and more systematic use of Powernext Gas’s price references by infrastructure operators confirms the trust of the actors in those indices”, notes Powernext CEO Jean-François Conil-Lacoste.

Infrastructure operators GRTgaz and TIGF have been using Powernext Gas’s price references in their transmission and storage system access contracts since 1st December and 1st November 2009 respectively.

About Powernext:

Powernext SA, incorporated in 2001, manages several complementary, transparent and anonymous energy markets: Powernext Gas Spot and Powernext Gas Futures were launched on November 26, 2008 in order to hedge volume and price risks for natural gas in France from Within-Day to the next three gas seasons. Since 1st December 2009, Powernext Gas Spot also allows the Transmission System Operator GRTgaz to progressively cover parts of its daily balancing needs on the market. EPEX Spot, based in Paris and owned equally by Powernext and by EEX, the German energy organized market, was  launched on January 1st 2009 and facilitates, 365 days a year, the hourly balancing of physical power delivered the following day on the French, German/Austrian and Swiss hubs. In April 2009, Powernext contributed the French power derivatives to EEX Power Derivatives, a company dedicated to European power derivatives, based in Leipzig, against a 20 percent equity stake in this company.

About Storengy:

Storengy, a company of GDF SUEZ, is a European leader in underground natural-gas storage. It currently operates and develops storage facilities across France, the United Kingdom and Germany with 19 sites and close to 11 billion m3 in working capacity. 

Storengy is involved in all new storage-related pursuits, planning, development, installation and operating activities, as well as the commercialisation of gas storage capacities.

To support growth in demand and security of supply, fulfill the market’s need for responsiveness and ensure high-quality storage services to gas suppliers, Storengy is working to optimise the performance and expand the capacity of its existing facilities and develop projects.

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