Spanish Gas Market Prices, News, Analysis | PVB Hub

2016 saw the launch of Spain’s new balancing regime in a move that – if it achieves its aim – will stimulate trade on spot products.

Operating under the name Punto Virtual de Balance (PVB), or Virtual Balancing Point, trade at the hub is underpinned by new requirements that impose stronger penalties for imbalances. Shippers now face strict penalties for being imbalanced and will no longer enjoy the ‘shock absorber’ of storage flexibility that bundled to them under the previous system.

Instead, shippers must now rely on near real-time steering information provided by Enagas, the technical system manager of the Spanish gas grid.

Alongside its existing price assessments, ICIS’s new Day-ahead product will track the development of this new market, offering the ability to compare the price of gas for day-ahead delivery with ICIS’s benchmark TTF and Day-ahead products, as well as other key European spot assessments.

Liquidity has risen substantially as a result of:

  • Growing trading activity by Spanish and foreign international market participants
  • The enforcement of European gas network code balancing reforms
  • The phasing-out of generous linepack flexibility
Spanish gas market prices

The PVB month-ahead assessment has moved into the pricing orbit of well-established hubs such as the Dutch TTF in recent years, as a multi-euro premium for Spanish has evaporated.

European spot gas markets

The ICIS European Spot Gas Markets report provides you with the latest prices, news and expert analysis on the current day's trading.

We publish independent price assessments and Heren indices for the British NBP, Dutch TTF, German NCG and GASPOOL, Belgian Zeebrugge and ZTP, French PEG Nord and TRS, Italian PSV, Austrian VTP, Czech VTP, Spanish PVB, Slovak VTP and Turkey.

Download a free sample report

We offer a wide range of information:

  • A comprehensive range of price assessments for the Spanish gas market, providing you with an independent source of OTC prices for the new PVB
  • Day-ahead, Weekend, Month +1, Month +2, Quarter +1, Quarter +2 and Calendar Year +1 price assessments
  • Daily PDF report, online dashboard and data feed options
  • Daily news and commentary on the Spanish gas market, keeping you informed on the market trends
  • A daily summary of Spain’s gas balance: imports, LNG send-out, storage, demand, exports

Related Resources from ICIS Energy

Market highlights

ICIS Spanish Gas and LNG Forum – A New Dawn?

ICIS Spanish Gas and LNG Forum – A New Dawn?

4 May / Westin Palace, Madrid

Join the market experts from ICIS for this half-day seminar as they provide an in-depth overview of the latest developments in the Spanish gas and LNG markets.

Our experts will cover the most important factors affecting the Spanish market and give an outlook for trade flows and key trading hubs across Europe.

Seats are complimentary but limited. Please register now »
Infographic: The launch of Spain's new gas market

Infographic: The launch of Spain's new gas market

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.

View the infographic »

ICIS white paper: Early implications of Spanish gas network code

ICIS white paper: Early implications of Spanish gas network code reforms

In this white paper, ICIS examines the early implications of pan-European network code reforms on one of Europe’s outliers, Spain, and looks at whether the changes will be enough to provoke a hoped-for surge in liquidity in the region.

Download the white paper »

ICIS webinar: Kickstarting the Spanish Gas Market

ICIS Webinar: Kickstarting the Spanish Gas Market

Spain’s natural gas hub has experienced a marked increase in over-the-counter (OTC) trade in 2016, with liquidity increasing across both prompt and curve.

In this webinar, ICIS examines how much this is down to organic growth and how much it is down to the implementation of ‘key enablers’ designed to fire up the market.

Watch the webinar »

AOC balancing reform trade boost sparks venue debate

AOC balancing reform trade boost sparks venue debate

With little more than a week to go until Spain implements sweeping balancing reforms, traders agreed the changes will increase liquidity at the Spanish wholesale gas market.

The deadline for Spain to comply with changes to European gas network code balancing reforms, designed to make the AOC more liquid and increase price transparency, is 1 October.

ICIS looks at where that liquidity will take root – on the developing brokered market or through newly-formed exchange MIBGAS.

Download the market highlight »

Gas demand surge leads to spike in Spanish pipeline imports

Gas demand surge leads to spike in Spanish pipeline imports

Spanish pipeline imports at the start of September reached their highest levels since January, as shippers raced to replace reduced LNG inflows.

The increase coincided with a strengthening of prices at Spain’s AOC gas hub, reflecting both increased demand and reduced supply, according to traders.

ICIS takes a look at what drove the surge in pipeline imports as well as the price increases at the AOC, a market which has historically relied heavily on LNG imports.

Download the market highlight »


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