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They say: No forward market - not a healthy market

They say: No forward market - not a healthy market. Asian price benchmarks vs. TTF vs. US Henry Hub (monthly averages EUR/MWh). Japan Korea Marker (JKM). Japanese Crude Cocktail (JCC). TTF. Henry Hub. But should add: no within-day – no market at all. Price Liquidity Risk Management.

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They say: No forward market - not a healthy market

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  1. They say: No forward market - not a healthy market Asian price benchmarks vs. TTF vs. US Henry Hub (monthly averages EUR/MWh) Japan Korea Marker (JKM) Japanese Crude Cocktail (JCC) TTF Henry Hub

  2. But should add: no within-day – no market at all Price Liquidity Risk Management Fair

  3. Balancing Regimes do matter!

  4. BAL NC: Focus on end of day, activity within-day  end-of-day cash out at system marginal prices (i.e. marginal price of any TSO buy/sell action throughout the day, system average price in case TSO has not intervened);  linkage between network users means to balance and eventual obligations to do so within-day: EASEE gas renomination standards : max 2 hours lead time at IPs + max 30 min lead time for trade notifications at the VTP; • standards for info provision: at least twice per day information about portfolio status;  Merit order list for TSO balancing products, prioritising within-day and day-ahead title transfer products

  5. Shippers have the responsibility to balance their own portfolios – and the means to do so! Step ‚basic‘

  6. Step ‚de luxe‘

  7. success factors: INFORMATION on the system

  8. success factors:  INFORMATION on portfolio

  9. success factors:  market access

  10. European Federation of Energy TradersAmstelveenseweg 9981081 JS AmsterdamTel: +31 (0)20 5207970Email: secretariat@efet.org www.efet.org

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