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Gas Regional Investment Plan of the South Region 2017 |
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5.1 Descriptions of Hubs
The South Region has three organised gas markets:
PEG Nord and TRS in France and PVB in Spain.
Both French gas markets are operated by Powernext,
whereas, the Spanish market, PVB, is operated by
MIBGAS.
5.1.1 IBERIAN GAS MARKET
The Organised Gas Market in Spain has been
stablished in December 2015, with the creation of a
platform for trading gas products (MIBGAS) to be
delivered at the Spanish Virtual Balancing Point (PVB)
for different time horizons, and the designation of
MIBGAS as the Organised Gas Market Operator.
In accordance with Spanish regulation, operational,
cushion and heel gas is acquired at MIBGAS trading
platform. Additionally, gas for balancing auctions is
purchased or sold at MIBGAS trading platform. The
different gas products that can be currently traded at
MIBGAS are: within-day, day ahead, month ahead and
balance of month product.
As MIBGAS is an emerging market with a relatively
short run, the number of agents authorised for trading
gas and traded volumes are still increasing day by day.
Until January 2017, 45 agents have been registered
on the Organised Gas Market.
With the objective of increasing the liquidity of the
market, GUNVOR international B. V. Amsterdam has
initiated, on a voluntary basis and for limited volumes,
its activity as a Market Maker in the Organised Gas
Market since January 2017.
5.1.2 FRENCH GAS MARKET
The PEG Nord hub (“Point d’Échange de Gaz”) is the largest of the two trading
regions in France. The TRS hub (Trading Region South) was launched on
1 April 2015. It is the product of the merger between the PEG Sud and the TIGF
trading regions in the South of France, and is one of the first cases of successful
market integration between gas hubs. The TRS was established with the aim of
increasing the liquidity and depth of the southern French market. It is also part of a
comprehensive plan overseen by the French National Regulator (CRE) to establish
a unified trading zone for France in 2018.
PEG Nord and TRS constitute two balancing areas for shippers. PEGs allow both for
a bilateral over-the-counter exchanges as well as exchanges on Powernext Gas.
Different products can be traded at Powernext: within day, day-ahead, month-
ahead. On PEG North monthly, seasonal, quarterly and yearly products can be
traded up to two years ahead.
Around 94 customers are active on both hubs.
Figure 5.1:
Gas Hubs and market operators in the
South Region
PEG Nord
PVB