Powernext Harmonisation of PEGAS markets successfully completed

Powernext Harmonisation of PEGAS markets successfully completed
PEGAS markets operated by Powernext – EEX new majority shareholder of Powernext

Leipzig, Paris, 6 January 2015

The European Energy Exchange (EEX) and Powernext have successfully migrated all active EEX gas market members representing 100 percent of the NCG and GASPOOL Open Interest to Powernext on 1 January 2015. As of now, all natural gas activities of the EEX Group are operated by Powernext under the brand PEGAS. In total, 154 participants are now admitted to trading natural gas products on PEGAS. The formal transfer of the majority shares in Powernext to EEX has been completed.

Peter Reitz, Chief Executive Officer of EEX, and Jean-François Conil-Lacoste, Chief Executive Officer of Powernext, comment: ”With this step, EEX Group facilitates access to all natural gas products available on PEGAS and provides trading for major European gas hubs on one platform with only one Powernext membership. This development serves our vision of a pan-European natural gas offering.”
 
Dr. Egbert Laege, the newly appointed Executive Director Gas Markets of EEX Group, adds: “The successful migration shows the high level of commitment of our members. Harmonising the offering is an important step and a perfect launch pad for future developments of PEGAS.”

The change in Powernext’s shareholding structure has been formally validated by its General Assembly. Therefore, with effect from 1 January 2015, EEX is majority shareholder of Powernext holding 55.8 percent of the shares. 

About Powernext: 
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. Powernext owns 50% in EPEX SPOT, 20% in EEX Power Derivatives and 1.5% in ECC.

About PEGAS:
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 and German 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 leading pan-European natural gas market.

About EEX:
EEX Group provides the central market platform for energy, energy related and commodity products and enables access to a network of over 350 trading participants. The offering of the group comprises contracts for Energy, Environmentals, Freight, Metals and Agriculturals listed at the European Energy Exchange, EPEX SPOT, Powernext, Cleartrade and Gaspoint Nordic. Clearing and settlement of transactions concluded or registered on the exchanges is provided by the central clearing house European Commodity Clearing. EEX is part of Deutsche Börse Group.

Share on :