EEX and Powernext aim to create a pan-European Natural Gas Trading Market
Leipzig, Paris, 6 November 2012 – European Energy Exchange AG (EEX) and
Powernext SA have signed a Memorandum of Understanding to combine their natural
gas market activities and pool their respective expertise to create a pan-European gas
market. This project is subject to the customary regulatory and competition approvals.
In order to facilitate natural gas trading EEX and Powernext will offer the market participants all gas products on a joint Trayport platform as it meets the requirements of the gas trading community and has already been used by Powernext since 2004. In the framework of their cooperation, EEX and Powernext will remain two separate gas
exchanges and will not create a joint venture.
As a result of the integration of the products within one system, joint spread products will be offered for trading: NCG/TTF, PEG Nord/TTF, GASPOOL/NCG, PEG Sud/PEG Nord, GASPOOL/TTF and PEG Nord/NCG. Clearing and settlement of all transactions will be provided by Europe’s leading energy clearing house, European Commodity Clearing AG (ECC).
In the future, EEX and Powernext are planning to launch other European gas products together on the joint trading platform. “Our aim is to deliver a unique pan-European gas offering focused on the physical and financial needs of the trading community”, explains Peter Reitz, Chief Executive Officer of EEX.
“We are building on our long-standing and successful cooperation in power trading. This is a very logical step for both our organisations. Moreover, we believe that, together, we have a convincing proposal for the participants in the gas sector”, emphasises Jean-François Conil-Lacoste, CEO of Powernext. In addition, the offer of EEX and Powernext will benefit the integration of the European gas markets through the introduction of cleared geographical spread products.