PEGAS to Launch New Physical Gas Futures On Italy’s PSV
Powernext-operated PEGAS said on Tuesday that it will launch new physical natural gas Futures contracts on the Italian Punto di Scambio Virtuale (PSV) on 17 June 2015.
‘The range of products will include trading for the next 3 Months, the next 3 Quarters, the next 2 Seasons and the next Calendar Year. Furthermore, PEGAS will introduce a location spread between PSV and TTF as well as a spread between the existing financial product and the new physical product for PSV on all Futures maturities’ reads the note.
According to Powernext, the offer will strengthen both PEGAS and the PSV.
“The launch of the new products follows the request from market participants and will support the development of PSV as one of the most important gas hubs in Europe” Richard Katz, Powernext’s Director of Sales & Communications, commented, explaining that his company worked in close cooperation with European Commodity Clearing (ECC) and Italian Transmission System Operators AEEG and Snam Rete Gas.
PEGAS started offering PSV financial futures on March 26. It also plans to introduce spot market products for the PSV market in the fourth quarter of 2015, along with Spot and Future products for the UK’s National Balancing Point (NBP) and for Belgium’s Zeebrugge Beach (ZEE)
PEGAS, which presents itself as an attempt to create a pan-European gas market, is also related to the Third Energy Package.
CAÑETE: REFORM EFFORTS WILL CONTINUE
Also on Tuesday, Climate Action & Energy Commissioner Miguel Cañete said that Brussels will incentivise modern and competitive energy markets.
“For me modernisation is the key theme of our debate today. Because business as usual is not an option for Europe” he said at the Euro Economic Congress, in Katowice (Poland) on Tuesday.
Estimating the investments needed to modernise the energy sector in Europe at €1 trillion, Cañete said that Brussels has to send the “right … signals” to unlock the necessary funds.
“Reform efforts – including the Third Energy Package - have taken longer than expected to have an impact on the ground. As part of the Energy Union we will step up the enforcement of the Third Energy Package - in particular as regards unbundling and the independence of regulators” he said on Tuesday.