Vienna, Paris, Leipzig, 1 December 2016 – Powernext SA and the Austrian Central European Gas Hub AG (CEGH) have announced the successful migration of the CEGH Gas Exchange spot and futures contracts to the pan-European PEGAS platform operated under the Powernext rulebook. This represents the conclusion of the implementation phase of their cooperation as initially announced on 20th June 2016.
In the framework of the cooperation, all CEGH spot and futures products for the Austrian gas market, including the products used for the Austrian balancing market have been tradable on PEGAS since 08:00 CET today. Spread products with TTF, NCG, GASPOOL and PSV are also available, as well as Trade Registration services for PEGAS CEGH futures products.
Austrian balancing rules remain valid as part of the PEGAS offering. The operational aspect of the Virtual Trading Point (VTP) in Austria is not affected and remains the exclusive responsibility of CEGH AG.
The migration has involved the successful transfer of all 96 CEGH members to the Powernext membership which now totals 231 participants across 8 European markets. The CEGH Gas Exchange team will continue to be the central point of contact for CEGH clients on PEGAS, whilst additionally contributing to the growth and development of the PEGAS brand in Eastern Europe.
Gottfried Steiner, CEO of Central European Gas Hub AG, comments: “We have successfully launched the PEGAS CEGH products today. Our customers will benefit greatly from this cooperation, especially due to the spread products we can now offer. The implementation of this cooperation will further increase liquidity in the Austrian markets.”
Egbert Laege, CEO of Powernext, adds: “The addition of Austrian products strengthens PEGAS’s position as the pan-European gas platform of choice. The joint development of the Austrian and Central and Eastern European gas markets is a priority for Powernext and we are glad to tackle it together with CEGH.”