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Gas Regional Investment Plan of the South Region 2017
0
35
30
40
25
20
15
10
5
€/MWh
NBP
GASPOOL
ZEEBRUGGE
TRS
NCG
PSV
TTF
PEG NORD
PVB
Jan 15
Mar 15
Mar 16
Oct 15
Oct 16
Oct 14
Jul 15
Aug 14
Jan 16
Jul 16
Jan 17
Figure 5.8:
Day-ahead European hubs prices (Source: Platts, Bloomberg, ICIS Heren and own elaboration)
5.3.2 EVOLUTION OF EUROPEAN HUBS
In Europe, there are several organised gas markets, usually at country-level.
Nevertheless in some countries there is more than one market area. Figure 5.7
shows the main natural gas European hubs.
In order to show the evolution of main European
natural gas hubs, we have analysed the behavior of
energy prices at these organised markets. Main facts:
\\
In general terms, until September 2016
convergence of day-ahead prices on main
European hubs has continued, with the exception
of Italian PSV and Spanish PVB, which remained
higher for the whole period.
\\
During 2015 a continuous decreasing trend is ob-
served. From February 2015, the low gas demand,
low oil prices and steady LNG supplies have con-
tributed to extend this decreasing trend in the
main European hubs until the first quarter of
2016.
\\
From September 2016, increasing trends on
European gas hubs were detected. Among the
several factors that have influence on the raise
of prices in Europe were: growing oil and LNG
prices, decreasing of production in Groningen
fields, and some problems in some infrastruc-
tures in Europe (in some underground storages,
outages affecting Norwegian infrastructure and so
on).
NCG
NBP
PEG Nord
PVB
TRS
PSV
ZTP
TTF
GASPOOL
Figure 5.7:
Main gas Hubs in Europe
(Source: TSO own elaboration)