Gas trading platform now an established market option

The country’s gas trading platform has consolidated its place in the Greek energy market since its launch in March, 2022, latest data on the number of participants and trading volumes has shown.

A total of 26 national gas network users are now conducting transactions through the platform, up from 11 when the platform was launched one-and-a-half years ago, while a further three companies are set to complete their respective registration processes and ten more are preparing to begin, energypress sources have informed.

Also, Greek energy exchange officials are currently engaged in talks with a further eight companies that have expressed an interest to participate in the natural gas spot market. This sharp rise has greatly impacted the spot market’s liquidity.

Interest from abroad is also on the rise. At the time of the gas trading platform’s launch, just two companies were based beyond Greece, compared to nine foreign-based companies at present, their headquarters located in Bulgaria, Romania, Luxembourg, and the Czech Republic.

The increased participation has intensified competition, another indicator of the gas trading platform’s robust state.

EU headed for new impasse on gas price cap agreement

The EU’s energy ministers appear headed towards another deadlock for a gas price cap agreement at an upcoming council meeting on December 13, which will prove a disappointment for Europeans as prices surge again.

Several EU member states seem to be resisting any sort of compromise for the establishment of a gas price cap level ahead of next week’s meeting of energy ministers, a measure now more urgent than ever before as winter temperatures begin to fall.

Gas prices surged yesterday at the Dutch energy exchange, a European benchmark, reaching 160 euros per MWh before easing to 140 euros per MWh and ending the day at 138 euros per MWh.

Though the prospect of high-priced natural gas is alarming, a price cap agreement does not appear to be a priority for a group of EU member states, led by Germany. Berlin, according to sources, wants the issue deferred until a summit of EU leaders, scheduled for next Thursday, two days after the meeting of EU energy ministers.

This, of course, would be a setback as it was at the previous summit, in October, that EU leaders referred the issue to the Energy Council, asking its members to work on details of an agreement reached by the 27 EU leaders.

Germany, joined by the Netherlands, Austria, Denmark, Estonia and Luxembourg, appears to be insisting on gas price cap at the level initially proposed by the European Commission, 275 euros per MWh, well above the 220-euro proposal forwarded by the Czech Republic, currently holding the EU’s rotating presidency.