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EEX and Powernext launch PEGAS, their pan-European gas cooperation
The joint gas activities of both partners will be conducted under the brand name "PEGAS":
PEGAS is the commercial brand name of the gas cooperation. EEX AG and Powernext SA will remain separate legal entities, each operating its own gas exchange. Under PEGAS, their gas markets will be linked by using the same trading system, a single instance of Trayport.
Thus, by combining spot and derivatives trading for the Dutch TTF hub, the German NCG and GASPOOL market areas as well as the French PEG Nord, PEG Sud and PEG TIGF, the partners will present their participants a truly pan-European gas offering. Trading members from both exchanges will benefit from harmonised trading processes in the EEX and Powernext gas markets. For non-common members, admission requirements to join the other exchange will be simplified.
"PEGAS will be a powerful and dynamic market in the current competitive environment.
By offering trading at the major continental gas hubs and all spreads between them via one single technical connection, market participants will benefit from increased trading opportunities and synergy effects", says Peter Reitz, Chief Executive Officer of EEX.
"The European gas market has seen increased price correlation between market areas. A major feature of PEGAS and a main advantage for traders is that cleared locational spread products between the Dutch, German and French areas will be available for trading right from the start", says Jean-François Conil-Lacoste, Chief Executive Officer of Powernext.
These include the following spread products: NCG/TTF, PEG Nord/TTF, GASPOOL/NCG, PEG Sud/PEG Nord, GASPOOL/TTF and PEG Nord/NCG. Moreover, implicit prices created via spread products will improve the liquidity for outright products.
All further information can be found on the new PEGAS website which is available under this link: http://www.pegas-trading.com
Powernext SA manages complementary, transparent and anonymous energy markets. Powernext Gas Spot and Powernext Gas Futures were launched on 26 November 2008 in order to hedge volume and price risks for natural gas in France. In 2011, GRTgaz and Powernext launched the first gas market coupling initiative in Europe between PEGs Nord and Sud. Powernext Energy Savings was launched in January 2012 as a spot market for French White Certificates (Certificats d'Economies d'Energie). Powernext owns 50% in EPEX SPOT and 20% in EEX Power Derivatives.
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