PEGAS expands offering to the Spanish market
PEGAS, the pan-European gas trading platform of EEX Group, operated by Powernext, has introduced spot and futures contracts for the Spanish Virtual Balancing Point (PVB).
Physical spot products (Within-Ahead, Day-Ahead and Week-End contracts) and physically delivered futures contracts (Month, Quarter, Season and Calendar Year products) are now available for trading and will lead to the delivery of natural gas at the PVB hub, which is operated by ENAGAS. All transactions are cleared through European Commodity Clearing, the central clearing house of the EEX Group.
On Wednesday 19 June, a first trade was registered between Centrica Energy Trading and Danske Commodities for an amount of 240 MWh at EUR13.150. On the launch, the new PVB products benefited from the contribution of two market makers, Engie and Axpo Iberia.
"The Spanish market is strongly physically driven and most trades are still done through bilateral credit lines with physical settlements. PEGAS comes with a complementary offer to the market that will allow for transaction clearing,” says Richard Katz (pictured), Director of Sales at Powernext.
Egbert Laege, President of Powernext, adds: "We are confident that our products will answer the traders’ needs to find suitable counterparties, inside and outside of Spain, while benefitting from cross margining effects when trading geographical spreads or other EEX commodities.”