Paris based Powernext SA, the Austrian Central European Gas Hub AG (CEGH) and Power Exchange Central Europe (PXE) have finalised their plans for the launch of the PEGAS CEGH Czech Gas Market.
All spot products and futures contracts currently available on the PXE gas market will be opened on PEGAS on the 8th December 2017.
PEGAS CEGH Gas Exchange Services, the joint venture established by Powernext and CEGH in 2016, will be responsible for the marketing and development of the PEGAS CEGH CZ products, in cooperation with PXE. All former products of the PXE gas market will be listed under the Powernext license.
In addition to opening all current spot and futures products, Powernext will introduce new geographical spread products with TTF, GPL, NCG and CEGH VTP for all current products. Current PXE Gas Exchange members will be eligible for admission to Powernext via a simplified membership process.
The clearing house European Commodity Clearing (ECC) will continue to provide clearing and settlement of all PEGAS CEGH Czech contracts in the future. ECC is the dedicated clearing house for all natural gas transactions concluded via PEGAS.
David Kucera , CEO of PXE, says: “This cooperation will enable our current market participants become more active in Western Europe. Based on our previous experience I am sure that this will help local players to become more pan-European. Furthermore, I hope that this cooperation will make our market more accessible for additional market participants and this will result in unlocking the market potential.”
Gottfried Steiner, CEO of Central European POWER EXCHANGE Gas Hub AG, says: “With the migration of the CEGH Czech Gas products to the PEGAS platform we will further develop the Czech gas market and link the Central Eastern European gas markets closer together. Our clients will be able to trade spreads between Czech Republic and other markets such as the Austrian CEGH-VTP.”
Egbert Laege (pictured), CEO of Powernext, adds: “The launch of the PEGAS CEGH products as part of the PEGAS portfolio is the logical next step of our cooperation with CEGH, widening our product range and expanding our geographical reach eastwards.”
