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Publication of UK Wholesale Gas Market Liquidity Data

This proposal suggests the publication of aggregated NBP traded volumes compared to physical daily gas flows in the UK wholesale gas market. The aim is to provide accessible and transparent liquidity data for market participants and address misunderstandings about market competitiveness.

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Publication of UK Wholesale Gas Market Liquidity Data

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  1. Mod 219 - Publication of UK Wholesale Gas Market Liquidity Data Richard Fairholme E.ON UK Transmission Workstream, August 7th 2008

  2. Introduction • Typically, the amount traded daily between shippers on the NTS is around 20-25 TWh, but the amount that actually ends up as a supply flow is around • 2-3 TWh. • This includes both spot trades and forward trades for the gas day. • “The UK gas market is one of the most liquid in the world and the most liquid in Europe.” • Source: BERR Guide to Gas Market Liquidity (2007)

  3. Background Increased public scrutiny of the UK wholesale gas market… Ofgem Enquiry • House of Commons • Business and Enterprise • Committee Report (July 2008) Consumer Representatives

  4. The Mod Proposal • “One measure of liquidity is the ratio of the volumes of gas traded over the volumes of gas consumed.” • Source: BERR Guide to Gas Market Liquidity (2007) • We propose publication of aggregated NBP traded volumes (‘Total Gas Traded at NBP’) compared to physical daily gas flows (‘Total Daily Physical’). • Makes liquidity data more accessible, in one location for all market participants. • Makes more efficient use of existing data already collected by National Grid and provided by Shippers.

  5. Example Data

  6. The Reports • Headline figures to be presented on National Grid’s Prevailing View section of their website. • 6 months of historical data to be presented on the National Grid website Daily Summary Page in a graphical format displaying ‘Total Gas Traded at NBP’ vs. ‘Total Daily Physical’ for the day D+1. • A new User report to be created on National Grid NTS’s Operational Data section of their website to show ‘Total Gas Traded at NBP’ vs. ‘Total Daily Physical’ with search parameters to specify the range of Gas Days for which data is required. • Reports to be updated daily and published no later than 13:00 GMT at D+1 on National Grid NTS’s website.

  7. Benefits of the Mod Proposal • Helps address misunderstandings from some quarters about the liquidity (and competitiveness) of the UK wholesale gas market. • Provides customers / consumers and other market participants with highly visible, transparent market liquidity data. • Helps provide a “health check” for the market. • May remove barriers to entry for potential market participants.

  8. Next Steps… • Comments welcome! • Open to suggestions for improvements / additions, but only if it this involves information that is already freely available to National Grid. • Any proposal involving collecting information that is not already captured, may be better dealt with as part of another Mod or Review Group? • Proposed implementation date 1st January 2009.

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