2 July 2015 – ICIS, an independent and trusted source of intelligence on Europe’s wholesale natural gas market, has launched the daily pricing of Slovakia in its benchmark report European Spot Gas Markets (ESGM).
Complementing the existing ESGM coverage of Europe’s most active traded gas markets, including Britain, the new Slovak price will further provide transparency to wholesale gas trade in the region.
Much of Russian gas supplied to Europe transits Ukraine and Slovakia, so the pricing of the nascent Slovak hub will provide energy traders, analysts and national authorities deep insight of wholesale gas prices on the edge of the EU.
“Since autumn 2014, Ukraine has been able to purchase gas from the EU’s traded hubs, having previously been dependent on Russian imports. This development has been a real game-changer for the EU gas markets as now gas flows west-to-east over the Slovak-Ukrainian border, as well as east-to-west,” said Tom Marzec-Manser, editor of ESGM at ICIS.
“Knowing the price of gas in Slovakia is therefore crucial for understanding the changing gas flow profiles. In essence, Slovakia is the key bridge between Ukraine and the markets of the EU,” Marzec-Manser added.
Ukraine has said it will stop importing gas from Russia from the start of this month, which may increase its reliance on imports from the EU.
Ukraine’s gas market is undergoing reform and is set to liberalise on 1 October 2015.
“Bringing transparency on developing markets has always been our mission, and ICIS is proud to pioneer benchmark pricing on emerging gas markets in Central and Eastern Europe,” said Ben Wetherall, Head of Gas at ICIS.
Wholesale Slovak gas for next-day delivery was assessed for the first time by ICIS on 1 July 2015, at a price of €21.65/MWh [euros per megawatt-hour]. This was a premium of €0.275/MWh to the active Austrian hub, to which Slovakia is interconnected.
The price of next-day delivery gas in Britain was 42.70p/therm [pence per therm] on 1 July 2015, equivalent to €20.542/MWh.
In addition to launching Slovak pricing on 1 July 2015, ESGM will collate trades data for the gas markets of Slovakia, Hungary and Poland, to its already comprehensive daily pricing, news and analysis.
ESGM is the benchmark price report for Europe’s wholesale gas markets. Starting with the British market in 1994, ICIS has brought price transparency to every new liberalised market in Europe, from the Zeebrugge hub in Belgium in 1998 and the Dutch TTF, through to emerging markets in Turkey and Spain.
For media inquiries, contact:
ESGM Editor, ICIS
+44 (0)207 911 1964
Head of Gas, ICIS
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