Fortis delivers natural gas in UK market for the first time
Fortis Global Markets has started to 'deliver' natural gas just over six months after its Energy & Environmental markets team obtained a gas shipper's licence from UK regulator OFGEM in September 2006 and started trading in the UK gas market in January 2007.
Fortis has now started to 'deliver' this natural gas, representing over 300 deals with 13 different counterparts in April. Total flows were fully balanced before delivery, ensuring that no net delivery occurred to or from a client.
The physical delivery of natural gas is an important milestone for Fortis Global Markets' expanding energy activities. Energy has significant growth potential and its importance in terms of global macroeconomics has perhaps never been greater. Fortis is now an active participant in the physical natural gas market both in the US, via Fortis Energy Marketing and Trading, and in Europe, via Energy & Environmental Markets.
The UK gas market was the first to fully liberalise and started active trading back in 1998. It has developed into the most liquid of the European gas markets and is worth around GBP 15 billion a year. It continues to attract an increasing number of participants.
The gas market represents further opportunities for Fortis to offer clients specialist energy products and value-added services. In the future Fortis intends to leverage its knowledge and skills in the gas and power market to offer more complex and competitive services, investment and risk management products.
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