INTRODUCTION

ICIS publishes European Spot Gas Markets (ESGM) on every working day of the year in Britain. ESGM assesses and records prices and market activity on the liquid markets in Britain and Europe, including but not limited to:

• Britain
• Belgium
• The Netherlands
• France
• Germany
• Italy
• Austria
• Czech Republic
• Spain

The financial value of natural gas is established by two methods:

• Price Assessments: ICIS assesses the market closing prices on the day of publication and publishes a price range for each delivery period on a number of liquid markets. This is known as the BID-OFFER RANGE, representing the highest buyer's bid and the lowest seller's offer at the relevant close of each market.
• Indexation (Heren Index): Indices are published for a variety of delivery periods and delivery points. Each Heren Index is a transaction-based price, calculated using the volume-weighted average of eligible transactions (trades) for the relevant delivery period reliably reported to ICIS .

More precise details of ICIS' Price Assessments and Heren Indices, together with further information about our service, will be found below.

PRICE ASSESSMENTS

GENERAL DEFINITIONS

The European wholesale Over-The-Counter (OTC) gas markets are assessed each working day during the period 16:30 to 18:00 London time, when ICIS contacts by telephone a wide range of active market participants.

All price assessments published in ESGM are formulated by ICIS at the conclusion of this process and represent ICIS' close-of-day bid-offer ranges for flat gas (no swing, 100% take-or-pay) delivered at a number of hubs. Day-ahead and prompt closing prices are assessed as closely as possible to 16:30 London time on all UK working days, except on the final working day immediately preceding 25 December and 1 January each year, when these prices are assessed as closely as possible to 12:00 London time. Curve price assessments are assessed as closely as possible to 16:30 London time at the earliest, or at the time of the latest liquid market if this is after 16:30, on all UK working days, except on the final working day immediately preceding 25 December and 1 January each year, when these prices are assessed as closely as possible to 12:00 London time. Prices reported are based on bids and offers widely available to the market at the close. Closing price assessments are not based on deals done during the day (listed separately in ESGM).

"Bid" is deemed to be the highest price bid by buyers at the close of business on the trading day in question.

"Offer" is deemed to be the lowest price offered by sellers at the close of business on the trading day in question.

Prices in the NBP and Zeebrugge (Zee Beach) ESGM price assessments are given in UK pence per therm to three decimal places (1 therm = 100,000 British Thermal Units = 29.3071 kWh).

Prices quoted are for gas flowing to the specified hub at a flat rate (100% take-or-pay, zero swing) throughout the specified delivery period.

PRICE ASSESSMENTS - DEFINITIONS OF HUBS

NBP: The British virtual gas hub operated by TSO National Grid, covering all entry and exit points in mainland Britain.

Zeebrugge: The physical gas hub at the Zeebrugge (Zee Beach) in Belgium operated by Huberator, a 100% subsidiary of Belgian TSO Fluxys.

ZTP: The virtual gas hub in Belgium operated by Belgian TSO Fluxys

TTF: The virtual gas hub covering all high calorific entry and exit points in the Netherlands, operated by Dutch TSO Gas Transport Services, a subsidiary of N.V. Nederlandse Gasunie.

GASPOOL: A subsidiary of DONG Energy Pipelines GmbH, ERDGAS MÜNSTER Transport GmbH & Co. KG, EWE NETZ GmbH, Gasunie Deutschland Transport Services GmbH, ONTRAS – VNG Gastransport GmbH und WINGAS TRANSPORT GmbH, based in Berlin. By the integration of the market area H-Gas Northern Germany, Statoil Deutschland Transport GmbH is also involved in this market area cooperation.

NCG: NetConnect Germany is a joint that handles theoperational management of the market area cooperation between the grid companies bayernets GmbH, Fluxys 10P TSO S.p.A., Open Grid Europe GmbH, GRTgaz Deutschland GmbH, GVS Netz GmbH and Thyssengas GmbH.

PEG Nord: The virtual gas hub covered by the high calorific entry/exit north market zone operated by GRTgaz, the wholly-owned transport arm of Gaz de France.

PEG Sud: The virtual gas hub covering the southern market zone operated by GRTgaz, the wholly-owned transport arm of Gaz de France.

PEG TIGF: The virtual gas hub covering the southwest market zone operated by TIGF, a private limited company and a subsidiary of the Total SA group.

VTP: The Austrian Virtual Trading Point operated by the Central European Gas Hub (CEGH)

PSV: The virtual hub run by Italian network operator Snam Rete Gas.

Czech virtual trading point (VTP): The virtual trading hub covering the CzechRepublic.

AOC: The virtual gas trading point covering the Spanish transport system, operated by Enagás.

PRICE ASSESSMENTS - DEFINITIONS OF PERIODS

The periods, from one day to one year, are based on the standard definition of the "gas day" used in Britain. That is, gas flowing from 06:00:00 on the day in question (the day on which the report is published) for 24 hours until 05:59:59 on the following day.

"Day-ahead": Day-ahead prices are for flat gas (no swing, 100% take-or-pay) to be delivered for the working gas day following the date of the report. Thus, in a report published on Friday, the Day-ahead quote would normally apply to the following Monday, provided that Monday is not a public holiday in Britain (in which case Day-ahead would refer to the next working day after that). Day-ahead prices represent gas to be delivered at a flat rate, beginning at 06:00:00 London time on the next working day after the date of publication and ending at 05:59:59 on the day following the start date of delivery.

"Weekend": Weekend prices are for the first Saturday and Sunday following the date of the report, as well as other non-working days contiguous with the weekend, and the Christmas and Boxing Day (25-26 December) holidays, and New Year's Day (1 January) when these fall midweek. Thus, if there is a UK public holiday on a Monday or a Friday, this extra day would be included in the Weekend period which immediately precedes or follows it. Similarly, if Christmas Day and Boxing Day fall on a Tuesday and Wednesday, the Weekend contract quoted on the Monday of the same week would refer to Christmas Day and Boxing Day. Weekend prices represent flat gas (no swing, 100% take-or-pay) with delivery beginning at 06:00:00 London time on the first day of the Weekend period and ending at 05:59:59 on the day following the end of the Weekend. Thus, for a normal weekend, the Weekend price is for gas delivery starting at 06:00:00 on Saturday and ending at 05:59:59 on the following Monday.

"Working Days Next Week (WDNW)": Working Days Next Week prices are for flat gas (no swing, 100% take-or-pay) to be delivered throughout every working day in the week following the date of the report, i.e. contiguous working days following the next Weekend period. WDNW prices represent flat gas with delivery beginning at 06:00:00 London time on the first day of the WDNW period and ending at 05:59:59 on the day after the last working day of the period. Thus, for a typical WDNW contract, delivery begins at 06:00:00 on the first Monday after the date of publication and ends at 05:59:59 on the following Saturday.

"Balance-of-month (BOM)": Balance-of-month prices are for flat gas (no swing, 100% take-or-pay) to be delivered throughout each of the remaining days of the current month, excluding the next immediate Day-ahead or Weekend contract, whichever is the sooner. Thus, in a report published on Thursday, the BOM quote would normally apply from the following Saturday to the end of the month (remaining days of the month minus Day-ahead). In a report published on Friday, the BOM quote would normally apply from the following Monday to the end of the month (remaining days of the month minus Weekend). The number of days contained in BOM thus declines through the month. BOM prices represent gas to be delivered at a flat rate, beginning at 06:00:00 on the first day of the contract and ending at 05:59:59 on first day of the succeeding month.

Months: Monthly prices represent flat gas (no swing, 100% take-or-pay) to be delivered at a flat rate throughout each day of the month, beginning at 06:00:00 on the first day of the month and ending at 05:59:59 on the first day of the succeeding month.

Quarters: A Quarter is the three-month period beginning on 1 January (Q1), 1 April (Q2), 1 July (Q3) and 1 October (Q4). Quarter prices represent gas to be delivered at a flat rate throughout each day of the quarter, beginning at 06:00:00 on the first day of the quarter and ending at 05:59:59 on the first day of the succeeding quarter.

Seasons: A Season is the six-month period running from either 1 April to 30 September of a particular calendar year (known as Summer) or running from 1 October of one year to 30 March of the following year (known as Winter). Season prices represent gas to be delivered at a flat rate throughout each day of the season, beginning at 06:00:00 on the first day of the season and ending at 05:59:59 on the first day of the succeeding season.

Years: A Year is the twelve-month period 1 January-31 December. Year prices represent gas to be delivered at a flat rate throughout each day of the twelve-month period, beginning at 06:00:00 on the first day of the calendar year and ending at 05:59:59 on the first day of the succeeding calendar year.

Gas Year: A Gas Year is the 12-month period starting on 1 October of a particular calendar year and ending on 30 September of the following calendar year. The title of the Gas Year always refers to the year in which the contract commences, so that for example, Gas year 08 means the period 1 October 2008 to 30 September 2009. Gas Year prices represent gas to be delivered at a flat rate throughout each day of the 12-month period, beginning at 06:00:00 on the first day of the Gas Year and ending at 05:59:59 on the first day of the succeeding Gas Year.

PRICE ASSESSMENTS - CONTRACTS ASSESSED AT INDIVIDUAL HUBS

As liquidity expands at the various hubs across Europe, ICIS successively adds new periods to the price assessments at different hubs. Currently, ICIS quotes the following periods at each hub:

• NBP (published every UK working day in p/th): Day-ahead, Weekend, WDNW, BOM, six months ahead, 11 quarters ahead, 10 seasons ahead, two Gas Years ahead, two calendar years ahead.
• Zeebrugge (published every UK working day in p/th): Day-ahead, Weekend, WDNW, BOM, three months ahead, six quarters ahead, three seasons ahead, one Gas Year ahead, one calendar year ahead.
• ZTP (published every UK working day in €/MWh): Day-ahead, Weekend (only on the last UK working day of the week), one month ahead, one quarter ahead, one season ahead.
• TTF Day-ahead, Weekend, WDNW, BOM, six months ahead, 10 quarters ahead, 10 seasons ahead, one Gas Year ahead, four calendar years ahead, all assessed as quoted to ICIS in €/MWh.
• PEG Nord (published every UK working day in €/MWh): Day-ahead, Weekend (only on the last UK working day of the week), BOM, three months ahead, two quarters ahead, three seasons ahead.
• PEG Sud (published every UK working day in €/MWh): Day-ahead and Weekend (only on the last UK working day of the week), one month ahead.
• PEG TIGF (published every UK working day in €/MWh): Day-ahead and Weekend (only on the last UK working day of the week)

• NCG (published every UK working day in €/MWh): Day-ahead, Weekend, WDNW, BOM, three months ahead, four quarters ahead, five seasons ahead three calendar years ahead.
• GASPOOL (published every UK working day in €/MWh): Day-ahead, Weekend, WDNW, BOM, three months ahead, four quarters ahead, five seasons ahead, three calendar 3 to 5 . 
• Austrian VTP (published every UK working day in €/MWh): Day-ahead, Weekend (only on the last UK working day of the week), three months ahead, two quarters ahead and three seasons ahead.
• PSV (published every UK working day In €/MWh): Day-ahead, Weekend (only on the last UK working day of the week), BOM, two months ahead, one quarter ahead, two seasons ahead, one gas year ahead and one calendar year ahead.
• Weekly Italian Assessment and Formulas (published weekly on a Wednesday in €/MWh): BOM, one month ahead, one quarter ahead, one season ahead, one Gas Year ahead. The assessment table also shows the Eni oil-linked contract price as delivered at the PSV, the differential of the spot value to this price and the TTF price for comparison.
• Czech virtual trading point (VTP) (published every UK working day in €/MWh): Day-ahead, Weekend (only on the last UK working day of the week), one month ahead, two quarters ahead, one calendar year ahead.
• AOC (published every UK working day in €/MWh): one month ahead.
• Continental Price Assessment (published every UK working day, on the "Across the Markets" page in, €/MWh):

• TTF - Day-ahead, Weekend, WDNW, BOM, three months ahead, six quarters ahead, six seasons ahead, one Gas Year ahead, three calendar 3 to 5 , all assessed as quoted to ICIS in euros per megawatt hour (€/MWh).
• Zeebrugge and NBP - These are simply a conversion into €/MWh of the Zeebrugge and NBP prices quoted in pence per therm in the ESGM Price Assessment on page 1 of the report. Forward currency exchange rates are calculated using 29 pricing points, sourced from Bloomberg, at 16:30 London time every day. The pricing points used are all of those available: spot, one week ahead, 24 months ahead, and three to five years . Using these points, we calculate a smooth curve which provides us with rates for each day out to five years. From these values, we then create appropriate rates for the contracts quoted by us in our gas market assessment tables.
• Bunde: ICIS continues to assess gas prices at the Bunde physical entry point into Germany. A full price history at Bunde can be obtained from ICIS , but the Bunde Price Assessment does not currently appear in the report, as liquidity at the trading point has deteriorated significantly since the development of the Dutch virtual TTF hub. At present, the ICIS Bunde price assessment covers the identical range of contracts quoted at TTF. Bunde lies near the border with the Netherlands and is about 50 km east of Groningen.

INTRA-DAY PRICE ASSESSMENTS

In addition to market closing prices ICIS also provides price assessments made at 11:00 London time. The assessments cover Day-ahead and Month-ahead contracts for the NBP, TTF and NCG markets. 

HEREN VOLATILITY INDEX

The Heren Volatility Index, published in the NBP Price Assessment on page 2 of ESGM is the 20-trading day rolling volatility by contract for the NBP natural gas forward curve. Volatility is defined as the annualised standard deviation of the percentage change in price between periods. The Heren Volatility Index is the standard deviation of the percentage change in the daily prices for the last 20 trading days multiplied by the square root of 252. There are on average 252 trading days in the year. The index is calculated and reported for each contract traded in the UK except the balance of month contract because it is rarely traded for more than 20 days.

THE HEREN INDEX

GENERAL DEFINITION

ICIS' various market indices share a number of common characteristics, regardless of market or time period. They are all volume-weighted averages of trades reported to ICIS during the course of its market reporting activities. All of the trades on which the indices are based are published in ESGM on a daily basis as part of its list of trades reported.

All Heren Indices are based on actual deals reported to ICIS .

All trading information is subject to ICIS' usual tests of reliability:

• Confirmation is sought from both parties to the deal.
• If, as is of10 the case, both counter-parties are unwilling to confirm, confirmation is accepted from one side only. However, corroboration is also sought from other market participants.
• If no confirmation is available, the deal may still be included if it is accepted by the wider market, and if ICIS itself regards it as reliable.
• In addition to price and volume, which are essential for inclusion in the Index, ICIS ensures that deals included in the Index are stand-alone deals.
• In the event that reported trades fall noticeably above or below the traded range for that contract on a given day, and in the absence of any reasonable explanation, ESGM would discard the deal or deals. Deals would be liable for rejection if they were 1% above or below the highest or lowest deals reported to ESGM on that day. Evidence of the traded range given by market participants during the market reporting process would also be taken into account when assessing whether to include or discard a deal. Any discarded deals would not be entered into ICIS' database and would not appear in the reported deals tables in ESGM. They would therefore also be excluded from any Heren Index.

THE HEREN NBP WITHIN-DAY INDEX

The Heren NBP Within-day Index, calculated in pence per therm (1 therm = 100,000 British thermal units = 29.3071 kWh), values flat gas (no swing, 100% take-or-pay) traded on a within-day basis and is published by ICIS in ESGM each UK working day. The NBP Within-Day index is a volume-weighted average of all Within-day transaction prices for gas to be delivered at the British National Balancing Point (NBP), the virtual hub operated by TSO National Grid. The Index day is the date of publication. Within-day delivery begins at 06:00:00 London time on the date of publication and ends at 05:59:59 on the day after the date of publication. Thus, the Index published on 1 October 2012 values gas traded on 1 October for delivery from 06:00:00 on 1 October to 05:59:59 on 2nd October.

The Heren NBP Within-day Index requires a minimum of three transactions. On days when there are fewer than three eligible transactions, the Index is published as the arithmetical average of the previous 20 Indices.

THE HEREN NBP CUMULATIVE WITHIN-DAY INDEX

The Heren NBP Cumulative Within-day Index is contained in the Heren NBP Within-day Index table. The Cumulative Within-day Index is calculated every UK working day and is a volume-weighted average price of all the Within-day trades included in ESGM so far that calendar month, up to and including the publication date. The Cumulative Within-day Index provides some indication of the price of OTC traded Within-day gas so far during the current calendar month. On the first UK working day of a new month, the NBP Within-day Index will be identical to the Cumulative Within-day Index figure.

THE HEREN NBP DAY-AHEAD INDEX

The Heren NBP Day-Ahead Index, calculated in pence per therm (1 therm = 100,000 British thermal units = 29.3071 kWh), values flat gas (no swing, 100% take-or-pay) traded for delivery on the next working day to the date of publication, and is published by ICIS in ESGM each UK working day. The NBP Day-ahead Index is a volume-weighted average of all Day-ahead transaction prices for gas to be delivered at the British National Balancing Point (NBP). The Index day is the first working day following the date of publication. Day-ahead delivery begins at 06:00:00 London time on the first working day after the date of publication and ends at 05:59:59 on 2012 values gas traded on 1 October for delivery from 06:00:00 London time on 2nd October to 05:59:59 on 3 October. The Day-Ahead Index published on a Friday values gas to be delivered on the gas day which starts on the following Monday, or on Tuesday when the Monday is a public holiday.

The Heren NBP Day-Ahead Index requires a minimum of three transactions. On days when there are fewer than three eligible transactions, the Index is published as the arithmetical average of the previous 20 Indices.

THE HEREN NBP CUMULATIVE DAY-AHEAD INDEX

The Heren NBP Cumulative Day-ahead Index is contained in the Heren NBP Day-ahead Index table. The Cumulative Day-ahead Index is calculated every UK working day and is a volume-weighted average price of all the Day-ahead trades included in ESGM so far that calendar month, up to and including the publication date. The Cumulative Day-ahead Index provides some indication of the price of OTC traded Day-ahead gas so far that calendar month.

On the first UK working day of a new month, the NBP Day-ahead Index will be identical to the Cumulative Day-ahead Index figure. It should be noted that, in terms of delivery, the Cumulative Day-ahead Index figure published on the final UK working day of a month excludes any Day-ahead gas that was traded on the final working day of the previous month and delivered on the very first working day of the Cumulative Index month. The Cumulative Index published on the final working day of a month will, for the same reason, also include gas that has been traded Day-ahead on the final working day of the Cumulative Index month and will be delivered on the first working day of the succeeding month.

THE HEREN ZEEBRUGGE DAY-AHEAD INDEX

The Heren Zeebrugge Day-ahead Index, calculated in pence per therm (1 therm = 100,000 British thermal units = 29.3071 kWh), values flat gas (no swing, 100% take-or-pay) traded for delivery on the next working day to the date of publication, and is published by ICIS each UK working day in ESGM. The Zeebrugge Day-ahead Index is a volume-weighted average of all Day-ahead transaction prices for gas to be delivered at the Belgian Zeebrugge physical hub. The Index day is the first working day following the date of publication. Day-ahead delivery begins at 06:00:00 on the next working day after the date of publication and ends at 05:59:59 on the day after the delivery start day. Thus, the Zeebrugge Day-ahead Index published on 1 October 2012 values gas traded on 1 October for delivery from 06:00:00 on 2 October to 05:59:59 on 3 October. The Day-ahead Index published on a Friday values gas to be delivered on the gas day which starts on the following Monday, or on Tuesday when the Monday is a public holiday in the UK.

The Heren Zeebrugge Day-ahead Index requires a minimum of three transactions. On days when there are fewer than three eligible transactions, the Index is published as the arithmetical average of the previous 20 Indices.

THE HEREN ZEEBRUGGE CUMULATIVE DAY-AHEAD INDEX

The Heren Zeebrugge Cumulative Day-ahead Index is contained in the Heren Zeebrugge Day-ahead Index table. The Cumulative Day-ahead Index is calculated every UK working day and is a volume-weighted average price of all the Day-ahead trades included in ESGM so far that calendar month, up to and including the publication date. The Cumulative Day-ahead Index provides some indication of the price of OTC traded Day-ahead gas so far that calendar month.

On the first UK working day of a new month, the Zeebrugge Day-ahead Index will be identical to the Cumulative Day-ahead Index figure. However, in terms of delivery, it should be noted that the Cumulative Day-ahead Index figure published on the final UK working day of a month excludes any Day-ahead gas that was traded on the final working day of the previous month and delivered on the very first working day of the Cumulative Index month. The Cumulative Index published on the final working day of a month will, for the same reason, also include gas that has been traded Day-ahead on the final working day of the Cumulative Index month and will be delivered on the first working day of the following month.

THE HEREN TTF DAY-AHEAD INDEX

The Heren TTF Day-Ahead Index, calculated in euros per megawatt hour, values flat gas (no swing, 100% take-or-pay) traded for delivery on the next working day to the date of publication, and is published by ICIS in ESGM each UK working day. The TTF Day-ahead Index is a volume-weighted average of all Day-ahead transaction prices for gas to be delivered at the TTF virtual gas hub. The Index day is the first working day following the date of publication. Day-ahead delivery begins at 06:00:00 on the first working day after the date of publication and ends at 05:59:59 on the day after the delivery start day. Thus, the TTF Day-ahead Index published on 1 October 2012 values gas traded on 1 October for delivery from 06:00:00 on 2 October to 05:59:59 on 3 October. The Day-ahead Index published on a Friday values gas to be delivered on the gas day which starts on the following Monday, or on Tuesday when the Monday is a public holiday in the UK.

The Heren TTF Day-Ahead Index requires a minimum of three transactions. On days when there are fewer than three eligible transactions, the Index is published as the arithmetical average of the previous 20 Indices.

THE HEREN TTF CUMULATIVE DAY-AHEAD INDEX

The Heren TTF Cumulative Day-ahead Index is contained in the Heren TTF Day-ahead Index table. The Cumulative Day-ahead Index is calculated every UK working day and is a volume-weighted average price of all the Day-ahead trades included in ESGM so far that calendar month, up to and including the publication date. The Cumulative Day-ahead Index provides some indication of the price of OTC traded Day-ahead gas so far that calendar month.

On the first UK working day of a new month, the TTF Day-ahead Index will be identical to the Cumulative Day-ahead Index figure. However, in terms of delivery, it should be noted that the Cumulative Day-ahead Index figure published on the final UK working day of a month excludes any Day-ahead gas that was traded on the final working day of the previous month and delivered on the very first working day of the Cumulative Index month. The Cumulative Index published on the final working day of a month will, for the same reason, also include gas that has been traded Day-ahead on the final working day of the Cumulative Index month and will be delivered on the first working day of the following month.

THE HEREN NCG DAY-AHEAD INDEX

The Heren NCG Day-Ahead Index, calculated in euros per megawatt hour, values flat gas (no swing, 100% take-or-pay) traded for delivery on the next working day to the date of publication, and is published by ICIS in ESGM each UK working day. The NCG Day-ahead Index is a volume-weighted average of all Day-ahead transaction prices for gas to be delivered at the NCG virtual gas hub. The Index day is the first working day following the date of publication. Day-ahead delivery begins at 06:00:00 on the first working day after the date of publication and ends at 05:59:59 on the day after the delivery start day. Thus, the NCG Day-ahead Index published on 1 October2012 values gas traded on 1 October for delivery from 06:00:00 on 2 October to 05:59:59 on 3 October. The Day-ahead Index published on a Friday values gas to be delivered on the gas day which starts on the following Monday, or on Tuesday when the Monday is a public holiday in the UK.

The Heren NCG Day-Ahead Index requires a minimum of three transactions. On days when there are fewer than three eligible transactions, the Index is published as the arithmetical average of the previous 20 Indices.

THE HEREN NCG CUMULATIVE DAY-AHEAD INDEX

The Heren NCG Cumulative Day-ahead Index is contained in the Heren NCG Day-ahead Index table. The Cumulative Day-ahead Index is calculated every UK working day and is a volume-weighted average price of all the Day-ahead trades included in ESGM so far that calendar month, up to and including the publication date. The Cumulative Day-ahead Index provides some indication of the price of OTC traded Day-ahead gas so far that calendar month.

On the first UK working day of a new month, the NCG Day-ahead Index will be identical to the Cumulative Day-ahead Index figure. However, in terms of delivery, it should be noted that the Cumulative Day-ahead Index figure published on the final UK working day of a month excludes any Day-ahead gas that was traded on the final working day of the previous month and delivered on the very first working day of the Cumulative Index month. The Cumulative Index published on the final working day of a month will, for the same reason, also include gas that has been traded Day-ahead on the final working day of the Cumulative Index month and will be delivered on the first working day of the following month.

THE HEREN GASPOOL DAY-AHEAD INDEX

The Heren GASPOOL Day-Ahead Index, calculated in euros per megawatt hour, values flat gas (no swing, 100% take-or-pay) traded for delivery on the next working day to the date of publication, and is published by ICIS in ESGM each UK working day. The GASPOOL Day-ahead Index is a volume-weighted average of all Day-ahead transaction prices for gas to be delivered at the GASPOOL virtual gas hub. The Index day is the first working day following the date of publication. Day-ahead delivery begins at 06:00:00 on the first working day after the date of publication and ends at 05:59:59 on the day after the delivery start day. Thus, the GASPOOL Day-ahead Index published on 1 October values gas traded on 1 October 2012 for delivery from 06:00:00 on 2 October to 05:59:59 on 3 October. The Day-ahead Index published on a Friday values gas to be delivered on the gas day which starts on the following Monday, or on Tuesday when the Monday is a public holiday in the UK.

The Heren GASPOOL Day-Ahead Index requires a minimum of three transactions. On days when there are fewer than three eligible transactions, the Index is published as the arithmetical average of the previous 20 Indices.

THE HEREN GASPOOL CUMULATIVE DAY-AHEAD INDEX

The Heren GASPOOL Cumulative Day-ahead Index is contained in the Heren GASPOOL Day-ahead Index table. The Cumulative Day-ahead Index is calculated every UK working day and is a volume-weighted average price of all the Day-ahead trades included in ESGM so far that calendar month, up to and including the publication date. The Cumulative Day-ahead Index provides some indication of the price of OTC traded Day-ahead gas so far that calendar month.

On the first UK working day of a new month, the GASPOOL Day-ahead Index will be identical to the Cumulative Day-ahead Index figure. However, in terms of delivery, it should be noted that the Cumulative Day-ahead Index figure published on the final UK working day of a month excludes any Day-ahead gas that was traded on the final working day of the previous month and delivered on the very first working day of the Cumulative Index month. The Cumulative Index published on the final working day of a month will, for the same reason, also include gas that has been traded Day-ahead on the final working day of the Cumulative Index month and will be delivered on the first working day of the following month.

THE HEREN PEG NORD DAY-AHEAD INDEX

The Heren PEG Nord Day-Ahead Index, calculated in euros per megawatt hour, values flat gas (no swing, 100% take-or-pay) traded for delivery on the next working day to the date of publication, and is published by ICIS in ESGM each UK working day. The PEG Nord Day-ahead Index is a volume-weighted average of all Day-ahead transaction prices for gas to be delivered at the PEG Nord virtual gas hub. The Index day is the first working day following the date of publication. Day-ahead delivery begins at 06:00:00 on the first working day after the date of publication and ends at 05:59:59 on the day after the delivery start day. Thus, the PEG Nord Day-ahead Index published on 1 October 2012 values gas traded on 1 October for delivery from 06:00:00 on 2 October to 05:59:59 on 3 October. The Day-ahead Index published on a Friday values gas to be delivered on the gas day which starts on the following Monday, or on Tuesday when the Monday is a public holiday in the UK.

The Heren PEG Nord Day-Ahead Index requires a minimum of three transactions. On days when there are fewer than three eligible transactions, the Index is published as the arithmetical average of the previous 20 Indices.

THE HEREN PEG NORD CUMULATIVE DAY-AHEAD INDEX

The Heren PEG Nord Cumulative Day-ahead Index is contained in the Heren PEG Nord Day-ahead Index table. The Cumulative Day-ahead Index is calculated every UK working day and is a volume-weighted average price of all the Day-ahead trades included in ESGM so far that calendar month, up to and including the publication date. The Cumulative Day-ahead Index provides some indication of the price of OTC traded Day-ahead gas so far that calendar month.

On the first UK working day of a new month, the PEG Nord Day-ahead Index will be identical to the Cumulative Day-ahead Index figure. However, in terms of delivery, it should be noted that the Cumulative Day-ahead Index figure published on the final UK working day of a month excludes any Day-ahead gas that was traded on the final working day of the previous month and delivered on the very first working day of the Cumulative Index month. The Cumulative Index published on the final working day of a month will, for the same reason, also include gas that has been traded Day-ahead on the final working day of the Cumulative Index month and will be delivered on the first working day of the following month.

THE HEREN PEG SUD DAY-AHEAD INDEX

The Heren PEG Sud Day-Ahead Index, calculated in euros per megawatt hour, values flat gas (no swing, 100% take-or-pay) traded for delivery on the next working day to the date of publication, and is published by ICIS in ESGM each UK working day. The PEG Sud Day-ahead Index is a volume-weighted average of all Day-ahead transaction prices for gas to be delivered at the PEG Sud virtual gas hub. The Index day is the first working day following the date of publication. Day-ahead delivery begins at 06:00:00 on the first working day after the date of publication and ends at 05:59:59 on the day after the delivery start day. Thus, the PEG Sud Day-ahead Index published on 1 October 2012 values gas traded on 1 October for delivery from 06:00:00 on 2 October to 05:59:59 on 3 October. The Day-ahead Index published on a Friday values gas to be delivered on the gas day which starts on the following Monday, or on Tuesday when the Monday is a public holiday in the UK.

The Heren PEG Sud Day-Ahead Index requires a minimum of three transactions. On days when there are fewer than three eligible transactions, the Index is published as the arithmetical average of the previous 20 Indices.

THE HEREN PEG SUD CUMULATIVE DAY-AHEAD INDEX

The Heren PEG Sud Cumulative Day-ahead Index is contained in the Heren PEG Sud Day-ahead Index table. The Cumulative Day-ahead Index is calculated every UK working day and is a volume-weighted average price of all the Day-ahead trades included in ESGM so far that calendar month, up to and including the publication date. The Cumulative Day-ahead Index provides some indication of the price of OTC traded Day-ahead gas so far that calendar month.

On the first UK working day of a new month, the PEG Sud Day-ahead Index will be identical to the Cumulative Day-ahead Index figure. However, in terms of delivery, it should be noted that the Cumulative Day-ahead Index figure published on the final UK working day of a month excludes any Day-ahead gas that was traded on the final working day of the previous month and delivered on the very first working day of the Cumulative Index month. The Cumulative Index published on the final working day of a month will, for the same reason, also include gas that has been traded Day-ahead on the final working day of the Cumulative Index month and will be delivered on the first working day of the following month.

THE HEREN VTP DAY-AHEAD INDEX

The Heren Austrian VTP Day-Ahead Index, calculated in euros per megawatt hour, values flat gas (no swing, 100% take-or-pay) traded for delivery on the next working day to the date of publication, and is published by ICIS in ESGM each UK working day. The VTP Day-ahead Index is a volume-weighted average of all Day-ahead transaction prices for gas to be delivered at the VTP physical gas hub. The Index day is the first working day following the date of publication. Day-ahead delivery begins at 06:00:00 on the first working day after the date of publication and ends at 05:59:59 on the day after the delivery start day. Thus, the VTP Day-ahead Index published on 1st October values gas traded on 1st October for delivery from 06:00:00 on 2nd October to 05:59:59 on 3rd October. The Day-ahead Index published on a Friday values gas to be delivered on the gas day which starts on the following Monday, or on Tuesday when the Monday is a public holiday in the UK.

The Heren VTP Day-Ahead Index requires a minimum of three transactions. On days when there are fewer than three eligible transactions, the Index is published as the arithmetical average of the previous twenty Indices.

THE HEREN VTP CUMULATIVE DAY-AHEAD INDEX

The Heren VTP Cumulative Day-ahead Index is contained in the Heren VTP Day-ahead Index table. The Cumulative Day-ahead Index is calculated every UK working day and is a volume-weighted average price of all the Day-ahead trades included in ESGM so far that calendar month, up to and including the publication date. The Cumulative Day-ahead Index provides some indication of the price of OTC traded Day-ahead gas so far that calendar month.

On the first UK working day of a new month, the VTP Day-ahead Index will be identical to the Cumulative Day-ahead Index figure. However, in terms of delivery, it should be noted that the Cumulative Day-ahead Index figure published on the final UK working day of a month excludes any Day-ahead gas that was traded on the final working day of the previous month and delivered on the very first working day of the Cumulative Index month. The Cumulative Index published on the final working day of a month will, for the same reason, also include gas that has been traded Day-ahead on the final working day of the Cumulative Index month and will be delivered on the first working day of the following month.

THE HEREN NBP WEEKEND INDEX

The Heren NBP Weekend Index, calculated in pence per therm (1 therm = 100,000 British thermal units = 29.3071 kWh), values flat gas (no swing, 100% take-or-pay) traded during the week preceding the Index weekend, and is published by ICIS Heren each Friday in ESGM, or on Thursday if the Friday is a UK public holiday. The NBP Weekend Index is a volume-weighted average of transaction prices for gas to be delivered at the British National Balancing Point (NBP), the virtual hub operated by UK TSO National Grid. The Index weekend is the first weekend following the date of publication.

"Weekend" also includes other UK non-working days contiguous with the weekend, as well as Christmas and Boxing Day (25-26 December) holidays, and New Year's Day (1 January) when these fall midweek. Thus, if Christmas Day and Boxing Day fall on a Tuesday and Wednesday, this period will count as a Weekend and the Weekend Index will be based only on deals reported on Monday of the same week for delivery on 25-26 December.

Weekend delivery begins at 06:00:00 London time on the first day of the contract and ends at 05:59:59 on the day after the end of the contract. Thus, the Index published on for example Friday, 5 October 2012 values flat gas traded from 1 to 5 October for delivery beginning at 06:00:00 London time on Saturday 6 October and ending at 05:59:59 on Monday, 8 October.

Each Index requires a minimum of three transactions. On days when there are fewer than three eligible transactions for the Weekend Index, that Index is published as the average of the midpoints of the bid/offer spreads published in ESGM's NBP OTC gas price assessment table during all the working days which fall in the same calendar week as the Weekend Index and precede the Index weekend.

THE HEREN NBP SPOT WEEKEND INDEX

The Heren NBP Spot Weekend Index, calculated in pence per therm (1 therm = 100,000 British thermal units = 29.3071 kWh), values flat gas (no swing, 100% take-or-pay) traded during the final working day immediately preceding the Index weekend, and is published by ICIS each Friday in ESGM, or on Thursday if the Friday is a UK public holiday. The NBP Spot Weekend Index is a volume-weighted average of transaction prices for gas to be delivered at the British National Balancing Point (NBP), the virtual hub operated by UK TSO National Grid. The Index weekend is the first weekend following the date of publication.

"Weekend" also includes other UK non-working days contiguous with the weekend, as well as Christmas and Boxing Day (25-26 December) holidays, and New Year's Day (1 January) when these fall midweek. Thus, if Christmas Day and Boxing Day fall on a Tuesday and Wednesday, this period will count as a Weekend and the Heren NBP Spot Weekend Index will be based only on deals reported on Monday of the same week for delivery on 25-26 December.

Weekend delivery begins at 06:00:00 London time on the first day of the contract and ends at 05:59:59 on the day after the end of the contract. Thus, the Heren NBP Spot Weekend Index published on for example Friday, 5 October 2012, values flat gas traded on 5 October for delivery beginning at 06:00:00 London time on Saturday 6 October and ending at 05:59:59 on Monday, 8 October.

Each Index requires a minimum of three transactions. On days when there are fewer than three eligible transactions for the Spot Weekend Index, that Index is published as the midpoint of the bid/offer spreads published in ESGM's NBP OTC gas price assessment table during the final working day immediately preceding the Index weekend.

THE HEREN ZEEBRUGGE WEEKEND INDEX

The Heren Zeebrugge Weekend Index, calculated in pence per therm (1 therm = 100,000 British thermal units = 29.3071 kWh), values flat gas (no swing, 100% take-or-pay) traded during the week preceding the Index weekend, and is published by ICIS each Friday in ESGM, or on Thursday if the Friday is a UK public holiday. The Zeebrugge Weekend Index is a volume-weighted average of transaction prices for gas to be delivered at the Zeebrugge Hub. The Index weekend is the first weekend following the date of publication.

"Weekend" also includes other UK non-working days contiguous with the weekend, as well as Christmas and Boxing Day (25-26 December) holidays, and New Year's Day (1 January) when these fall in midweek. Thus, if Christmas Day and Boxing Day fall on a Tuesday and Wednesday, this period will count as a Weekend and the Weekend Index will be based only on deals reported on Monday of the same week for delivery on 25-26 December.

Weekend delivery begins at 06:00:00 on the first day of the contract and ends at 05:59:59 on the day after the end of the contract. Thus, the Index published on a Friday, 5 October 2012 values flat gas traded from 1 to 5 October for delivery beginning at 06:00:00 on Saturday 6 October and ending at 05:59:59 on Monday, 8 October.

Each Index requires a minimum of three transactions. On days when there are fewer than three eligible transactions for the Weekend Index, that Index is published as the average of the midpoints of the bid/offer spreads published in ESGM's NBP Zeebrugge gas price assessment table during all the working days which fall in the same calendar week as the Weekend Index and precede the Index weekend.

THE HEREN ZEEBRUGGE SPOT WEEKEND INDEX

The Heren Zebrugge Spot Weekend Index, calculated in pence per therm (1 therm = 100,000 British thermal units = 29.3071 kWh), values flat gas (no swing, 100% take-or-pay) traded during the final working day immediately preceding the Index weekend, and is published by ICISeach Friday in ESGM, or on Thursday if the Friday is a UK public holiday. The Zeebrugge Spot Weekend Index is a volume-weighted average of transaction prices for gas to be delivered at the Zeebrugge hub The Index weekend is the first weekend following the date of publication.

"Weekend" also includes other UK non-working days contiguous with the weekend, as well as Christmas and Boxing Day (25-26 December) holidays, and New Year's Day (1 January) when these fall midweek. Thus, if Christmas Day and Boxing Day fall on a Tuesday and Wednesday, this period will count as a Weekend and the Heren NBP Spot Weekend Index will be based only on deals reported on Monday of the same week for delivery on 25-26 December.

Weekend delivery begins at 06:00:00 London time on the first day of the contract and ends at 05:59:59 on the day after the end of the contract. Thus, the Heren Zeebrugge Spot Weekend Index published on for example Friday, 5 October, values flat gas traded on 5 October for delivery beginning at 06:00:00 London time on Saturday 6 October and ending at 05:59:59 on Monday, 8 October.

Each Index requires a minimum of three transactions. On days when there are fewer than three eligible transactions for the Spot Weekend Index, that Index is published as the average of the midpoints of the bid/offer spreads published in ESGM's NBP Zeebrugge gas price assessment table during the final working day immediately preceding the Index weekend.

THE HEREN TTF WEEKEND INDEX

The Heren TTF Weekend Index, calculated in euros per megawatt hour, values flat gas (no swing, 100% take-or-pay) traded during the week preceding the Index weekend, and is published by ICIS Heren each Friday in ESGM, or on Thursday if the Friday is a UK public holiday. The TTF Weekend Index is a volume-weighted average of transaction prices for gas to be delivered at the TTF virtual gas hub. The Index weekend is the first weekend following the date of publication.

"Weekend" also includes other UK non-working days contiguous with the weekend, as well as Christmas and Boxing Day (25-26 December) holidays, and New Year's Day (1 January) when these fall in midweek. Thus, if Christmas Day and Boxing Day fall on a Tuesday and Wednesday, this period will count as a Weekend and the Weekend Index will be based only on deals reported on Monday of the same week for delivery on 25-26 December.

Weekend delivery begins at 06:00:00 on the first day of the contract and ends at 05:59:59 on the day after the end of the contract. Thus, the Index published on a Friday, 5 October 2012values flat gas traded from 1 to 5 October for delivery beginning at 06:00:00 on Saturday 6 October and ending at 05:59:59 on Monday, 8 October.

Each Index requires a minimum of three transactions. On days when there are fewer than three eligible transactions for the Weekend Index, that Index is published as the average of the midpoints of the bid/offer spreads published in ESGM's TTF Zeebrugge gas price assessment table during all the working days which fall in the same calendar week as the Weekend Index and precede the Index weekend.

THE HEREN TTF SPOT WEEKEND INDEX

The Heren TTF Spot Weekend Index, calculated in euros per megawatt hour, values flat gas (no swing, 100% take-or-pay) traded during the final working day immediately preceding the Index weekend, and is published by ICIS each Friday in ESGM, or on Thursday if the Friday is a UK public holiday. The TTF Spot Weekend Index is a volume-weighted average of transaction prices for gas to be delivered at the TTF virtual hub The Spot Weekend Index is the first weekend following the date of publication.

"Weekend" also includes other UK non-working days contiguous with the weekend, as well as Christmas and Boxing Day (25-26 December) holidays, and New Year's Day (1 January) when these fall midweek. Thus, if Christmas Day and Boxing Day fall on a Tuesday and Wednesday, this period will count as a Weekend and the Heren TTF Spot Weekend Index will be based only on deals reported on Monday of the same week for delivery on 25-26 December.

Weekend delivery begins at 06:00:00 London time on the first day of the contract and ends at 05:59:59 on the day after the end of the contract. Thus, the Heren TTF Spot Weekend Index published on for example Friday, 5 October 2012 values flat gas traded on 5 October 2012 for delivery beginning at 06:00:00 London time on Saturday 6 October and ending at 05:59:59 on Monday, 8 October.

Each Index requires a minimum of three transactions. On days when there are fewer than three eligible transactions for the Spot Weekend Index, that Index is published as the average of the midpoints of the bid/offer spreads published in ESGM's TTF Zeebrugge gas price assessment table during the final working day immediately preceding the Index weekend.

THE HEREN NCG SPOT WEEKEND INDEX

The Heren NCG Spot Weekend Index, calculated in euros per megawatt hour, values flat gas (no swing, 100% take-or-pay) traded during the final working day immediately preceding the Index weekend, and is published by ICIS each Friday in ESGM, or on Thursday if the Friday is a UK public holiday. The NCG Spot Weekend Index is a volume-weighted average of transaction prices for gas to be delivered at the NCG virtual hub. The Spot Weekend Index is the first weekend following the date of publication.

"Weekend" also includes other UK non-working days contiguous with the weekend, as well as Christmas and Boxing Day (25-26 December) holidays, and New Year's Day (1 January) when these fall midweek. Thus, if Christmas Day and Boxing Day fall on a Tuesday and Wednesday, this period will count as a Weekend and the Heren NCG Spot Weekend Index will be based only on deals reported on Monday of the same week for delivery on 25-26 December.

Weekend delivery begins at 06:00:00 London time on the first day of the contract and ends at 05:59:59 on the day after the end of the contract. Thus, the Heren NCG Spot Weekend Index published on for example Friday, 5 October 2012, values flat gas traded on 5 October 2012 for delivery beginning at 06:00:00 London time on Saturday 6 October and ending at 05:59:59 on Monday, 8 October.

Each Index requires a minimum of three transactions. On days when there are fewer than three eligible transactions for the Spot Weekend Index, that Index is published as the average of the midpoints of the bid/offer spreads published in ESGM's NCG gas price assessment table during the final working day immediately preceding the Index weekend.

THE HEREN GASPOOL SPOT WEEKEND INDEX

The Heren GASPOOL Spot Weekend Index, calculated in euros per megawatt hour, values flat gas (no swing, 100% take-or-pay) traded during the final working day immediately preceding the Index weekend, and is published by ICIS each Friday in ESGM, or on Thursday if the Friday is a UK public holiday. The GASPOOL Spot Weekend Index is a volume-weighted average of transaction prices for gas to be delivered at the GASPOOL virtual hub The Spot Weekend Index is the first weekend following the date of publication.

"Weekend" also includes other UK non-working days contiguous with the weekend, as well as Christmas and Boxing Day (25-26 December) holidays, and New Year's Day (1 January) when these fall midweek. Thus, if Christmas Day and Boxing Day fall on a Tuesday and Wednesday, this period will count as a Weekend and the Heren GASPOOL Spot Weekend Index will be based only on deals reported on Monday of the same week for delivery on 25-26 December.

Weekend delivery begins at 06:00:00 London time on the first day of the contract and ends at 05:59:59 on the day after the end of the contract. Thus, the Heren GASPOOL Spot Weekend Index published on for example Friday, 5 October 2012, values flat gas traded on 5 October for delivery beginning at 06:00:00 London time on Saturday 6 October and ending at 05:59:59 on Monday, 8 October.

Each Index requires a minimum of three transactions. On days when there are fewer than three eligible transactions for the Spot Weekend Index, that Index is published as the average of the midpoints of the bid/offer spreads published in ESGM's GASPOOL gas price assessment table during the final working day immediately preceding the Index weekend.

THE HEREN PEG NORD SPOT WEEKEND INDEX

The Heren PEG Nord Spot Weekend Index, calculated in euros per megawatt hour, values flat gas (no swing, 100% take-or-pay) traded during the final working day immediately preceding the Index weekend, and is published by ICIS each Friday in ESGM, or on Thursday if the Friday is a UK public holiday. The PEG Nord Spot Weekend Index is a volume-weighted average of transaction prices for gas to be delivered at the PEG Nord virtual hub. The Spot Weekend Index is the first weekend following the date of publication.

"Weekend" also includes other UK non-working days contiguous with the weekend, as well as Christmas and Boxing Day (25-26 December) holidays, and New Year's Day (1 January) when these fall midweek. Thus, if Christmas Day and Boxing Day fall on a Tuesday and Wednesday, this period will count as a Weekend and the Heren PEG Nord Spot Weekend Index will be based only on deals reported on Monday of the same week for delivery on 25-26 December.

Weekend delivery begins at 06:00:00 London time on the first day of the contract and ends at 05:59:59 on the day after the end of the contract. Thus, the Heren PEG Nord Spot Weekend Index published on for example Friday, 5 October 2012, values flat gas traded on 5 October for delivery beginning at 06:00:00 London time on Saturday 6 October and ending at 05:59:59 on Monday, 8 October.

Each Index requires a minimum of three transactions. On days when there are fewer than three eligible transactions for the Spot Weekend Index, that Index is published as the average of the midpoints of the bid/offer spreads published in ESGM's PEG Nord gas price assessment table during the final working day immediately preceding the Index weekend.

THE HEREN PEG SUD SPOT WEEKEND INDEX

The Heren PEG Sud Spot Weekend Index, calculated in euros per megawatt hour, values flat gas (no swing, 100% take-or-pay) traded during the final working day immediately preceding the Index weekend, and is published by ICIS each Friday in ESGM, or on Thursday if the Friday is a UK public holiday. The PEG Sud Spot Weekend Index is a volume-weighted average of transaction prices for gas to be delivered at the PEG Sud virtual hub. The Spot Weekend Index is the first weekend following the date of publication.

“Weekend” also includes other UK non-working days contiguous with the weekend, as well as Christmas and Boxing Day (25-26 December) holidays, and New Year’s Day (1 January) when these fall midweek. Thus, if Christmas Day and Boxing Day fall on a Tuesday and Wednesday, this period will count as a Weekend and the Heren PEG Sud Spot Weekend Index will be based only on deals reported on Monday of the same week for delivery on 25-26 December.

Weekend delivery begins at 06:00:00 London time on the first day of the contract and ends at 05:59:59 on the day after the end of the contract. Thus, the Heren PEG Sud Spot Weekend Index published on for example Friday, 5 October 2012, values flat gas traded on 5 October for delivery beginning at 06:00:00 London time on Saturday 6 October and ending at 05:59:59 on Monday, 8 October.

Each Index requires a minimum of three transactions. On days when there are fewer than three eligible transactions for the Spot Weekend Index, that Index is published as the average of the midpoints of the bid/offer spreads published in ESGM’s PEG Sud gas price assessment table during the final working day immediately preceding the Index weekend.

THE HEREN VTP SPOT WEEKEND INDEX

The Heren Austrian VTP Spot Weekend Index, calculated in euros per megawatt hour, values flat gas (no swing, 100% take-or-pay) traded during the final working day immediately preceding the Index weekend, and is published by ICIS each Friday in ESGM, or on Thursday if the Friday is a UK public holiday. The VTP Spot Weekend Index is a volume-weighted average of transaction prices for gas to be delivered at the VTP physical hub The Spot Weekend Index is the first weekend following the date of publication.

"Weekend" also includes other UK non-working days contiguous with the weekend, as well as Christmas and Boxing Day (25th-26th December) holidays, and New Year's Day (1st January) when these fall midweek. Thus, if Christmas Day and Boxing Day fall on a Tuesday and Wednesday, this period will count as a Weekend and the Heren VTP Spot Weekend Index will be based only on deals reported on Monday of the same week for delivery on 25th-26th December.

Weekend delivery begins at 06:00:00 London time on the first day of the contract and ends at 05:59:59 on the day after the end of the contract. Thus, the Heren VTP Spot Weekend Index published on for example Friday, 5th October, values flat gas traded on 5th October for delivery beginning at 06:00:00 London time on Saturday 6th October and ending at 05:59:59 on Monday, 8th October.

Each Index requires a minimum of three transactions. On days when there are fewer than three eligible transactions for the Spot Weekend Index, that Index is published as the average of the midpoints of the bid/offer spreads published in ESGM's VTP gas price assessment table during the final working day immediately preceding the Index weekend.

THE HEREN NBP MONTHLY INDEX

The Heren NBP Monthly Index, calculated in pence per therm (1 therm = 100,000 British thermal units = 29.3071 kWh), values flat gas (no swing 100% take or pay) traded during the preceding month of the Index month for continual delivery at a given rate in the following month. The Index month is the month succeeding the current month of publication and is published by ICIS on the last UK working day of each month.

The Index is a volume-weighted average of transaction prices for gas to be delivered at the British National Balancing Point (NBP). Month delivery begins at 06:00:00 London time on the first day of the month following the current month of publication and ends at 05:59:00 London time on the first day of the month after that. Thus, the Monthly Index published on a Friday, 28 September 2012, values flat gas traded during the month of September for delivery beginning at 06:00:00 London time on Monday, 1 October, and ending at 05:59:59 on Thursday, 1 November.

The Index requires a minimum of 10 transactions. When there are fewer than 10 eligible transactions, the Index is published as the arithmetical average of the all the month-ahead assessment midpoints published during the calendar month prior to the delivery month.

THE HEREN NBP MONTHLY CUMULATIVE INDEX

The Heren NBP Monthly Cumulative Index is published by ICIS on the front page of ESGM every UK working day. The Monthly Cumulative Index is calculated every UK working day and is a volume-weighted average price of all the Month-ahead trades included in ESGM so far that month, up to and including the publication date. The Monthly Cumulative Index provides some indication of the price of OTC traded Month-ahead gas so far that month.

THE HEREN NBP DAILY MONTH AHEAD INDEX

The Heren NBP Daily Month Ahead Index is published by ICIS on the front page of ESGM every UK working day. The index is a volume-weighted average price of all the Month-ahead trades included in ESGM on the date of the report.

The Index requires a minimum of three transactions. When there are fewer than three eligible transactions, the Index is published as the arithmetical midpoint of the month-ahead assessment published that day.

THE HEREN ZEEBRUGGE MONTHLY INDEX

The Heren Zeebrugge Monthly Index, calculated in pence per therm (1 therm = 100,000 British thermal units = 29.3071 kWh), values flat gas (no swing 100% take or pay) traded during the preceding calendar month to the Index month for continual delivery at a given rate in the following month. The Index month is the month succeeding the current month of publication and is published by ICIS on the last UK working day of each month.

The Index is a volume-weighted average of transaction prices for gas to be delivered at Zeebrugge Hub. Month delivery begins at 06:00:00 on the first day of the month following the current month of publication and ending at 05:59:00 on the first day of the month after that. Thus, the Monthly Index published on a Friday, 28th September, values flat gas traded during the month of September for delivery beginning 06:00:00 on Monday, 1 October and ending at 05:59:59 on Thursday, 1 November.

The Index requires a minimum of 10 transactions. When there are fewer than 10 eligible transactions, the Index is published as the arithmetical average of the all the month-ahead assessment midpoints published during the calendar month prior to the delivery month.

THE HEREN ZEEBRUGGE MONTHLY CUMULATIVE INDEX

The Heren Zeebrugge Monthly Cumulative Index is published by ICIS on the front page of ESGM every UK working day. The Monthly Cumulative Index is calculated every UK working day and is a volume-weighted average price of all the Month-ahead trades included in ESGM so far that month, up to and including the publication date. The Monthly Cumulative Index provides some indication of the price of OTC traded Month-ahead gas so far that month.

THE HEREN ZEEBRUGGE DAILY MONTH AHEAD INDEX

The Heren Zeebrugge Daily Month Ahead Index is published by ICIS on the front page of ESGM every UK working day. The index is a volume-weighted average price of all the Month-ahead trades included in ESGM on the date of the report.

The Index requires a minimum of three transactions. When there are fewer than three eligible transactions, the Index is published as the arithmetical midpoint of the month-ahead assessment published that day.

THE HEREN TTF MONTHLY INDEX

The Heren TTF Monthly Index, calculated in euros per megawatt hour, values flat gas (no swing 100% take or pay) traded during the preceding month of the Index month for continual delivery at a given rate in the following month. The Index month is the month succeeding the current month of publication and is published by ICIS on the last UK working day of each month.

The Index is a volume-weighted average of transaction prices for gas to be delivered at the TTF virtual gas hub. Month delivery begins at 06:00:00 on the first day of the month following the current month of publication and ending at 05:59:00 on the first day of the month after that. Thus, the Monthly Index published on a Friday, 28th September 2012, values flat gas traded during the month of September for delivery beginning 06:00:00 on Monday, 1 October and ending at 05:59:59 on Thursday, 1 November.

The Index requires a minimum of 10 transactions. When there are fewer than 10 eligible transactions, the Index is published as the arithmetical average of the all the month-ahead assessment midpoints published during the calendar month prior to the delivery month.

THE HEREN TTF MONTHLY CUMULATIVE INDEX

The Heren TTF Monthly Cumulative Index is published by ICIS on the front page of ESGM every UK working day. The Monthly Cumulative Index is calculated every UK working day and is a volume-weighted average price of all the Month-ahead trades included in ESGM so far that month, up to and including the publication date. The Monthly Cumulative Index provides some indication of the price of OTC traded Month-ahead gas so far that month.

THE HEREN TTF DAILY MONTH AHEAD INDEX

The Heren TTF Daily Month Ahead Index is published by ICIS on the front page of ESGM every UK working day. The index is a volume-weighted average price of all the Month-ahead trades included in ESGM on the date of the report.

The Index requires a minimum of three transactions. When there are fewer than three eligible transactions, the Index is published as the arithmetical midpoint of the month-ahead assessment published that day.

THE HEREN NCG MONTHLY INDEX

The Heren NCG Monthly Index, calculated in euros per megawatt hour, values flat gas (no swing 100% take or pay) traded during the preceding month of the Index month for continual delivery at a given rate in the following month. The Index month is the month succeeding the current month of publication and is published by ICIS on the last UK working day of each month.

The Index is a volume-weighted average of transaction prices for gas to be delivered at the NCG virtual gas hub. Month delivery begins at 06:00:00 on the first day of the month following the current month of publication and ending at 05:59:00 on the first day of the month after that. Thus, the Monthly Index published on a Friday, 28th September 2012, values flat gas traded during the month of September for delivery beginning 06:00:00 on Monday, 1 October and ending at 05:59:59 on Thursday, 1 November.

The Index requires a minimum of 10 transactions. When there are fewer than 10 eligible transactions, the Index is published as the arithmetical average of the all the month-ahead assessment midpoints published during the calendar month prior to the delivery month.

THE HEREN NCG MONTHLY CUMULATIVE INDEX

The Heren NCG Monthly Cumulative Index is published by ICIS on the front page of ESGM every UK working day. The Monthly Cumulative Index is calculated every UK working day and is a volume-weighted average price of all the Month-ahead trades included in ESGM so far that month, up to and including the publication date. The Monthly Cumulative Index provides some indication of the price of OTC traded Month-ahead gas so far that month.

THE HEREN NCG DAILY MONTH AHEAD INDEX

The Heren NCG Daily Month Ahead Index is published by ICIS on the front page of ESGM every UK working day. The index is a volume-weighted average price of all the Month-ahead trades included in ESGM on the date of the report.

The Index requires a minimum of three transactions. When there are fewer than three eligible transactions, the Index is published as the arithmetical midpoint of the month-ahead assessment published that day.

THE HEREN GASPOOL MONTHLY INDEX

The Heren GASPOOL Monthly Index, calculated in euros per megawatt hour, values flat gas (no swing 100% take or pay) traded during the preceding month of the Index month for continual delivery at a given rate in the following month. The Index month is the month succeeding the current month of publication and is published by ICIS on the last UK working day of each month.

The Index is a volume-weighted average of transaction prices for gas to be delivered at the GASPOOL virtual gas hub. Month delivery begins at 06:00:00 on the first day of the month following the current month of publication and ending at 05:59:00 on the first day of the month after that. Thus, the Monthly Index published on a Friday, 28th September 2012, values flat gas traded during the month of September for delivery beginning 06:00:00 on Monday, 1 October and ending at 05:59:59 on Thursday, 1 November.

The Index requires a minimum of 10 transactions. When there are fewer than 10 eligible transactions, the Index is published as the arithmetical average of the all the month-ahead assessment midpoints published during the calendar month prior to the delivery month.

THE HEREN GASPOOL MONTHLY CUMULATIVE INDEX

The Heren GASPOOL Monthly Cumulative Index is published by ICIS on the front page of ESGM every UK working day. The Monthly Cumulative Index is calculated every UK working day and is a volume-weighted average price of all the Month-ahead trades included in ESGM so far that month, up to and including the publication date. The Monthly Cumulative Index provides some indication of the price of OTC traded Month-ahead gas so far that month.

THE HEREN PEG NORD MONTHLY INDEX

The Heren PEG Nord Monthly Index, calculated in euros per megawatt hour, values flat gas (no swing 100% take or pay) traded during the preceding month of the Index month for continual delivery at a given rate in the following month. The Index month is the month succeeding the current month of publication and is published by ICIS on the last UK working day of each month.

The Index is a volume-weighted average of transaction prices for gas to be delivered at the PEG Nord virtual gas hub. Month delivery begins at 06:00:00 on the first day of the month following the current month of publication and ends at 05:59:00 on the first day of the month after that. Thus, the Monthly Index published on Friday, 28th September 2012, values flat gas traded during the month of September for delivery beginning 06:00:00 on Monday, 1 October and ending at 05:59:59 on Thursday, 1 November.

The Index requires a minimum of 10 transactions. When there are fewer than 10 eligible transactions, the Index is published as the arithmetical average of the all the month-ahead assessment midpoints published during the calendar month prior to the delivery month.

THE HEREN PEG NORD MONTHLY CUMULATIVE INDEX

The Heren PEG Nord Monthly Cumulative Index is published by ICIS on the front page of ESGM every UK working day. The Monthly Cumulative Index is calculated every UK working day and is a volume-weighted average price of all the Month-ahead trades included in ESGM so far that month, up to and including the publication date. The Monthly Cumulative Index provides some indication of the price of OTC traded Month-ahead gas so far that month.

THE HEREN VTP MONTHLY INDEX

The Heren Austrian VTP Monthly Index, calculated in euros per megawatt hour, values flat gas (no swing and 100% take or pay) traded during the preceding month of the Index month for continual delivery at a given rate in the following month. The Index month is the month succeeding the current month of publication and is published by ICIS on the last UK working day of each month.

The Index is a volume-weighted average of transaction prices for gas to be delivered at the VTP physical gas hub. Month delivery begins at 06:00:00 on the first day of the month following the current month of publication and ending at 05:59:00 on the first day of the month after that. Thus, the Monthly Index published on a Friday, 28th September, values flat gas traded during the month of September for delivery beginning 06:00:00 on Monday, 1st October and ending at 05:59:59 on Thursday, 1st November.

The Index requires a minimum of ten transactions. When there are fewer than ten eligible transactions, the Index is published as the arithmetical average of the all the month-ahead assessment midpoints published during the calendar month prior to the delivery month.

THE HEREN VTP MONTHLY CUMULATIVE INDEX

The Heren Austrian VTP Monthly Cumulative Index is published by ICIS on the front page of ESGM every UK working day. The Cumulative Monthly Index is calculated every UK working day and is a volume-weighted average price of all the Month-ahead trades included in ESGM so far that month, up to and including the publication date. The Cumulative Monthly Index provides some indication of the price of OTC traded Month-ahead gas so far that month.

THE HEREN PSV MONTHLY INDEX

The Heren PSV Monthly Index, calculated in euros per megawatt hour, values flat gas (no swing 100% take or pay) traded during the preceding month of the Index month for continual delivery at a given rate in the following month. The Index month is the month succeeding the current month of publication and is published by ICIS on the last UK working day of each month.

The Index is a volume-weighted average of transaction prices for gas to be delivered at the PSV gas hub. Month delivery begins at 06:00:00 on the first day of the month following the current month of publication and ending at 05:59:00 on the first day of the month after that. Thus, the Monthly Index published on a Friday, 28th September 2012, values flat gas traded during the month of September for delivery beginning 06:00:00 on Monday, 1 October and ending at 05:59:59 on Thursday, 1 November.

The Index requires a minimum of 10 transactions. When there are fewer than 10 eligible transactions, the Index is published as the arithmetical average of the all the month-ahead assessment midpoints published during the calendar month prior to the delivery month.

THE HEREN PSV MONTHLY CUMULATIVE INDEX

The Heren PSV Monthly Cumulative Index is published by ICIS on the front page of ESGM every UK working day. The Monthly Cumulative Index is calculated every UK working day and is a volume-weighted average price of all the Month-ahead trades included in ESGM so far that month, up to and including the publication date. The Monthly Cumulative Index provides some indication of the price of OTC traded Month-ahead gas so far that month.

ESGM TRADES TABLES - GENERAL AND COUNTRY-SPECIFIC DEFINITIONS

Trading data is published for the UK, Belgian, Dutch, French, German, Austrian, Italian, Czech and Spanish markets on a daily basis. Full trade listings are available by FTP download. The OTC transactions provided are those reliably identified by ESGM on the date of the report. Deals are listed by delivery date, volume, and price. Counter-party names are not published. Where a deal has been confirmed by more than one party, this is indicated by an asterisk.

In ESGM under the page with the title 'Trades' two tables are published. The first table shows the total volume traded in each market, in MWh, with a percentage breakdown of trade between curve and prompt contracts and based on this volume. The total number of trades is also listed.

The second table shows the daily high and low trades for each market for the following contracts: Day-ahead, front month, front quarter, front season and front Calendar Year, all in MWh. If no trade has been reported then an n/a will be shown.

UK Deals Done:

This covers British OTC gas transactions reliably identified by ESGM on the date of the report. Deals are listed by delivery date, daily and total volume, and price.

Belgian Deals Done:

This covers all Belgian high and low calorific OTC gas transactions reliably identified by ESGM on the date of the report. These are split into two entries. First for Zeebrugge ,or Zee Beach, operated by Huberator, a 100% subsidiary of Belgian TSO Fluxys and second for the Zeebrugge Trading Point based on the entry/exit model created by Fluxys. Deals are listed by delivery date, and by daily and total volume. Trades for Zeebrugge are quoted in therms, and prices are quoted in pence per therm. Trades for ZTP are quoted in MWh and prices are quoted in €/MWh. 

German Deals Done:

This covers all high and low calorific German OTC gas transactions reliably identified by ESGM on the date of the report. Deals are listed by delivery date, and daily and total volume, in megawatt hours, and prices are quoted in euros per megawatt hour.

Austrian Deals Done:

This covers all Austrian OTC gas transactions reliably identified by ESGM on the date of the report. This is based on the Austria VTP, operated by CEGH, a wholly-owned subsidiary of Austrian incumbent OMV. Deals are listed by delivery date, daily and total volume, in megawatt hours, and prices are quoted in euros per megawatt hour.

Dutch Deals Done:

This covers all high and low calorific Dutch OTC gas transactions reliably identified by ESGM on the date of the report, the most common hub being TTF, operated by Dutch TSO Gas Transport Services, a 100% subsidiary of N.V. Nederlandse Gasunie. Deals are listed by delivery date, and daily and total volume, in megawatt hours, and prices are quoted in euros per megawatt hour.

French Deals Done:

This covers all French OTC gas transactions, reliably identified by ESGM on the date of the report on the five French market zones known as PEG Nord, PEG Sud, PEG Est, PEG Ouest - all operated by French incumbent GDF - and TIGF's south western zone. Deals are listed by delivery date, and daily and total volume, in megawatt hours, and prices are quoted in euros per megawatt hour. French gas typically trades in €/MWh/day. Most of the volumes published in ESGM will have been calculated by dividing the original traded volumes by 24 to obtain a €/MWh figure consis10t with neighbouring countries' trading units.

Italian Deals Done:

This covers all Italian OTC gas transactions reliably identified by ESGM on the date of the report as traded at the PSV hub. Deals are listed by delivery date, and daily and total volume, in megawatt hours, and prices are quoted in euros per megawatt hour.

Czech Deals Done:

This covers all Czech OTC gas transactions reliably identified by ESGM on the date of the report as traded at the Czech VTP hub. Deals are listed by delivery date, and daily and total volume, in megawatt hours, and prices are quoted in euros per megawatt hour.

Spanish Deals Done:

This covers all Spanish OTC gas transactions reliably identified by ESGM on the date of the report as traded at the Spanish AOC hub. Deals are listed by delivery date, and daily and total volume, in megawatt hours, and prices are quoted in euros per megawatt hour.

SPARK SPREADS

The UK and German gas and power prices quoted in ESGM's Spark Spread tables are derived from the price assessment tables and daily indices in ESGM and European Daily Electricity Markets (EDEM). All the power prices quoted are for baseload delivery and, with the exception of Day-ahead, are the midpoint of the closing price assessment of the respective contract on the day of publication. The Day-ahead price is the UK Day-ahead Index price.

Gas prices and indices quoted in the Spark Spread table are NBP for the UK and the Dutch TTF for Germany. The TTF hub is currently the most liquid gas market in the region and is widely used as a reference for German gas prices. With the exception of Day-ahead, all gas prices quoted are the midpoint of the closing price assessment of the respective contract on the day of publication. The Day-ahead price is the NBP Day-ahead Index price for the UK and the TTF Day-ahead Index price for Germany.

For a full explanation of how the power and gas prices are derived please see the relevant sections of the EDEM/ESGM methodologies.

Both the UK and German Spark Spread tables use a fuel efficiency factor of 49.13% for the gas conversion. In reality, each gas-fired plant has a different fuel efficiency, but 49.13% is used as a standard in the UK market because it provides an easy conversion between gas and power volumes (25,000 therms of gas = 15 MW of power). This is based on a conversion rate of 1 kWh = 0.034121 therms or, alternatively, 1 therm = 29.3071 kWh.

The Spark Spread value is therefore the power price minus the gas price divided by 0.4913, i.e. Spark Spread = Power Price - (Gas price/0.4913).

OTHER TABLES IN ESGM

ICE Natural Gas Futures: This table shows the closing ("settle") prices for the natural gas futures contracts traded on the Intercontinental Exchange, ICE, (formerly the International Petroleum Exchange). Prices and other data are passed to ESGM by ICE at close of futures business, currently at about 16:00-16:15 London time. "Change" is the change from the previous working day's settlement price. "High" and "Low" represent the high and low traded prices for the day in question. "Lots" represents the volume of trade for each contract: 1 lot = 1,000 therms per day, although it should be noted that under current exchange rules the minimum trade size is five lots. "Mn th total" represents the total number of therms traded, expressed in millions of therms. "Open interest" represents the open interest for each contract at the previous day's close. For further information, visit ICE's website.

Day-Ahead Beach Terminal Capacity Prices: These are secondary market prices for NTS entry capacity at the most active beach terminals for the following working day. Prices are assessed by ESGM in the same manner and at the same time as spot commodity prices.

OCM SMP/SAP Report/OCM Trading figures: These tables provide a snapshot of the previous day's activity on the On-the-day Commodity Market (OCM), which is operated by exchange group APX in order physically to balance the NTS. All information presented in the table comes from TSO National Grid, and represents the OCM activity on the previous "gas day" (06:00 - 05:59): gas day 1, for instance, runs from 06:00 London time on the first day of the month to 05:59 on the second day. "SAP" (System Average Price) is the volume-weighted average of all OCM buys and sells on the day. "SMP Buy" is the highest price at which National Grid bought gas for the system (SMP = System Marginal Price). "SMP Sell" is the lowest price at which National Grid sold gas out of the system. SAP 7-day and SAP 30-day are seven-day and 30-day rolling averages. For further information, please contact APX.

National Grid Daily Capacity Summary: These are National Grid daily auction average prices for Within-day firm and interruptible entry capacity at the nine most active UK beach terminals. The table lists the average price paid, in pence per kilowatthour (p/kWh), for both firm and interruptible capacity, as well as the total volume of capacity available as well as booked in kWh. For further information please contact National Grid:

Weather: Pan-European weather forecasts on a 1-5 day and 6-10 day basis are provided to ESGM by Weather Services International. For more information, please e-mail :energy@wsieurope.com

CURRENCY CONVERSIONS

Forward currency rates are calculated using 29 pricing points, sourced from Bloomberg, at 16:30 London time every day. The pricing points used are all of those available: spot, one week ahead, 24 months ahead, and three to five years ahead.

Using these points, we calculate a smooth curve which provides us with rates for each day out to 5 years. From these values, we then create appropriate rates for the contracts quoted by us in our gas market assessment tables.

Last update: 03 January 2013