As the EU’s fifth-largest economy, with the sixth-largest consumption of natural gas, Spain – and indeed Iberia as a whole – has long been heralded as a key future gas hub. However, stuck out on the fringes of mainland Europe and with no indigenous gas production the country has so far struggled to live up to this billing.
But new, Europe-wide rules designed to blur the borders of the continent’s individual markets into little more than balancing zones come into effect later this year, with some elements already in force, and there are signs that legislation is achieving the progress the market has so far failed to deliver.
Traders are watching with interest to see whether early shoots of liquidity in 2016 can be sustained.
This ICIS infographic looks at the regulatory highlights of a transition it is hoped will finally grant Spain – and ultimately Iberia – the openly traded gas market that has long been promised but so far never achieved.
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