October 2016 saw the launch of Spain’s new gas market, the PVB, with its greater focus on balancing in a bid to increase on trading. Since 1 October – a pan-European deadline for almost all member states to harmonise their network codes – market counterparties in Spain have had responsibility for the balance of their own portfolios.
Data gathered by ICIS as displayed on the infographic shows clear evidence of increased trading over the last year. It now remains to be seen whether the reforms outlined here and passed over the last two years have opened things up enough to kick-start a Spanish gas hub.
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