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Gas Regional Investment Plan of the South Region 2017 |
57
0
35
30
40
25
20
15
10
5
€/MWh
TRS
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 5.9:
Day-ahead European hubs prices in South region (Source: Platts,Bloomberg, ICIS Heren and own elaboration)
5.3.4 EVOLUTION OF GAS HUBS OF THE
SOUTH REGION
As it has been previously remarked, Organised Gas Market in the Iberian Peninsula
is a recently-created market and needs more time in order to develop and increase
its liquidity. It can be observed how the PVB and TRS converge with mature
European markets during some periods of the year, whereas divergent trends can
be observed from the last quarter of 2016.
Due to the low level of transactions and traded volumes in the PVB and the fact that
MIBGAS has been created in December 2015, the reference price cannot be
considered as significant as in other more mature markets, however, it is a first
public reference in the price.
It is important to highlight the increase of European hub prices in the last quarter of
2016 and beginning of 2017, unusually steep for the South Region market.