ICIS is implementing a process of rolling consultation on all of its pricing methodologies. This consultation paper is part of this formal process and covers all of the ICIS primary price points included in the European Spot Gas Markets (ESGM) publication.

The consultation asks both general questions about the suitability of the ICIS pricing methodology and questions addressing specific European Spot Gas Markets (ESGM) market issues.

Click here to view the European Spot Gas Markets – Methodology Consultation 2023

The consultation contained a section asking general questions about the sustainability of ICIS methodology for the markets concerned.

There was also a section about specific questions on ICIS Zeebrugge assessments and indices and ICIS ZTP assessments and their methodology after the two Belgian hubs merge on 1 October 2023.


ICIS received 6 written responses, of which four confidential and two public. This summary takes into account all responses.

Four respondents supported ICIS’s proposal to continue to publish Zeebrugge gas assessments and indices after 30 September 2023 as implied transitional assessments and indices.

Four respondents commented that capacity costs to move gas from the Zeebrugge interconnection point to ZTP (the entry capacity costs for firm capacity published by Belgian grid operator Fluxys Belgium) should be taken into consideration in the implied Zeebrugge assessments. This would reflect how the market currently operates, where Zeebrugge contracts trade typically at a discount to ZTP reflecting capacity costs.

Four respondents supported ICIS’s proposal to continue to publish Zeebrugge assessments and indices at least until 1 October 2024 and to consult the market prior to that date to check the need for the publication of Zeebrugge assessments and indices beyond that date.

Three respondents requested that ICIS continues to publish Zeebrugge Day-ahead, Weekend and Month+1 assessments and all the current Heren indices for Zeebrugge.

Two respondents did not support ICIS proposal to continue to publish Zeebrugge assessments and indices after 30 September 2023.

One respondent commented that the ICIS Zeebrugge implied transitional assessments should be called “Zeebrugge” in the ESGM report.

One respondent commented in response to questions about the general ICIS methodology that instead of assessing hubs individually as outright an approach should be considered that starts from the TTF assessment and assesses locational spreads, with the two assessments then generating the outright for a specific hub.

All respondents supported or had no comment on ICIS’s proposed additions to Belgian ZTP assessments.


As of 1 October 2023, ICIS will start publishing Belgian Zeebrugge Day-ahead, Weekend and Month+1 implied transitional assessments. These will be implied assessments based on the ICIS ZTP assessment published on the day minus transport costs from the Zeebrugge interconnection point to ZTP.

ICIS will also continue to publish the Heren Zeebrugge Day-ahead, Weekend, Spot Weekend, Monthly and Daily Month-Ahead indices after 30 September 2023. As Zeebrugge contracts will cease to trade, these indices will be calculated in line with the ESGM methodology provision applicable when there are no eligible trades.

ICIS will continue assessing ZTP contracts already included in ESGM and will expand the number of ZTP assessments to include the Day-ahead, Weekend (on the final working session of the week), BOM, three months ahead, two quarters ahead, two seasons ahead and one year ahead from 1 October 2023.

ICIS will also add the conversion of the ZTP assessments in p/th.

The ESGM methodology document will be updated ahead of these changes taking effect. Should you have any questions please contact ESGM Editor Alice Casagni at

Regarding its response to the general questions:

  • ICIS already has provision in its ESGM methodology for using locational spreads as the basis of its assessments where spreads are considered more indicative of the tradable value of a contract at 16:30 London time than outright bids and offers. ICIS will continue to survey market participants on a regular basis to ensure the methodology is appropriate for capturing market value at 16:30 London time.  

Consultation on this document closed on 8 July 2023