Thursday, August 4, 2016
PEGAS-CEGH cooperation approved by competition authorities
The envisaged cooperation between the Austrian Central European Gas Hub (CEGH) and the Paris-based Powernext has now officially been approved by the Austrian and German competition authorities. In the context of this cooperation, the Austrian CEGH Gas Exchange spot and futures contracts will be operated on the PEGAS platform under the Powernext rulebook and exchange license. The migration of CEGH products to the PEGAS platform will be carried out by the end of November 2016. In addition, the agreement foresees the joint development of the Austrian as well as the Central and Eastern European (CEE) gas markets.
Gottfried Steiner, CEO of Central European Gas Hub AG, comments: “CEGH Gas Exchange members will substantially benefit from this cooperation, which will also enable spread trading to other European markets and further increase liquidity at the Austrian VTP”.
Egbert Laege, CEO of Powernext, highlights the importance of the deal for the development of the PEGAS platform: “We are very happy to have completed this major step in the development of PEGAS to become the one-stop-shop for European gas trading. This expansion of PEGAS into the Central Eastern European region is a key piece in our strategy to expand the geographical coverage of our offering.”
As the basis for this cooperation, Powernext and CEGH will establish a joint company in Vienna with a 51% Powernext shareholding and a 49% CEGH shareholding. Its managing director will be Gottfried Steiner. This joint company will ensure local service for the Austrian market while customers will benefit as well from access to the pan-European PEGAS offering.
Recently, Powernext had announced that the Danish Gaspoint Nordic will join the PEGAS platform by the end of the year. After the completion of the cooperation with CEGH, the PEGAS platform will cover the markets of Austria, Denmark, Germany, France, the Netherlands, UK, Belgium and Italy.