Vienna Stock Exchange and ECC conclude Clearing Agreement
CEGH is a wholly-owned subsidiary of OMV Gas & Power GmbH. It provides international gas corporations with a platform for the settlement of natural gas trading activities in Baumgarten and other border points of the Austrian transmission system (e.g. Oberkappel, Überackern). In 2008, CEGH managed to achieve a trade volume of 15 billion m³ and establish itself as one of the biggest gas hubs in Continental Europe. Subject to the approval under competition law to be granted by the European Commission, CEGH is to be developed into the biggest gas hub in Continental Europe and equipped with gas exchange functionalities in addition in co-operation with Gazprom, Centrex and the Vienna Stock Exchange in the future.
"We look forward to the co-operation with ECC", Harald Wüstrich, Chief Executive Officer of CEGH AG, emphasises and adds: "With this step we lay the foundation for the successful development of standardised natural gas trading in Central Europe".
"The established clearing infrastructure of ECC provides protection against default risks and safeguards secure and efficient settlement of the transactions for our trading participants. Moreover, the trading participants can benefit in particular from the advantages of integrated clearing across other markets which are provided by ECC", Heinrich Schaller, CEO of the Vienna Stock Exchange, explains.
"The decision to commission ECC as the clearing house for the new natural gas exchange again testifies to the attractiveness of ECC as the leading clearing house for the European energy market", Dr. Christoph Mura, Chief Operating Officer of ECC AG, comments.
Central European Gas Hub:
The Central European Gas Hub (CEGH) is a subsidiary of OMV Gas &Power and one of the most important trading hubs for natural gas in Central Europe. It provides an international gas trading platform at Baumgarten and other bordering points of the Austrian network. In 2008 CEGH posted trading volumes of app. 15 bcm, making it one of the largest gas hubs in continental Europe. This position has been further reinforced in 2009, and trading volumes are currently approximately 2 bcm per month.
By constantly expanding the range of services and even setting up an international marketplace, the aim is to expand the CEGH into the number one gas hub in continental Europe.
About European Commodity Clearing AG
European Commodity Clearing AG (ECC) is a clearing house whose range of services comprises clearing and settlement services for exchange and over-the-counter transactions in energy. The Leipzig-based company is a subsidiary of European Energy Exchange AG. ECC currently provides clearing as well as physical and financial settlement of transactions concluded on the European Energy Exchange, EEX Power Derivatives GmbH, EPEX Spot SE, the Dutch ENDEX European Energy Derivatives Exchange N.V. and the French Powernext SA.