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Gas Hub Development Forum Highlights: TTF Trading Evolution

Recap of Gas Hub Development Group TTF Industry Forum in Prague on June 8, 2004, focusing on trading dynamics and future improvements in the gas market. Key discussions, challenges, and industry initiatives outlined.

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Gas Hub Development Forum Highlights: TTF Trading Evolution

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  1. Gas Hub Development GroupTTF Industry Forum - Prague 8.June.2004 Adam Cooper: Entergy Koch Trading

  2. TTF Trading • Participants: • Electrabel • Essent • Nuon • EDF • BP • Centrica/Accord • RWE • Norsk Hydro • Gaselys • Stadwerke Hanover • Distrigaz • D Gas • Trading focused on prompt with some activity in W04/05 and GY05

  3. TTF Annex to EFET contract • Annex now an Appendix • Need to strengthen framework for trading through an EFET, in particular: • Credit liability • Firmness • Developed and agreed by GHDG mid April • Distributed to EFET membership mid April • Comments received mid May • Conference call to discuss issues held on 19.May.04 • With EFET for Board approval this week – Done! • EKT to prepare guidance note to accompany Appendix

  4. Discussions continue with GTS • Credit issue • Ability of GTS to transfer their credit exposure to non defaulting customer is unacceptable • Issue arises because they have limited information on allocation in near term • However GTS should not transfer resultant risk to non defaulting parties • GTS must ensure appropriate processes are developed and implemented • GTS indicated that they are seeking a more appropriate solution • Firmness • TTF is a notional point • Physical constraints outside TTF should not result in constraint at a notional point • GTS considering amendments for TSC05 Meetings on these issues also held between GHDG and Dte/MEA

  5. Future Improvements - Roles • Role of Market Operator (MO) • Announcement of a gas exchange for WID and DAH trading • MO and gas exchange fully supported by GHDG • Role of Gasunie Trading and Supply • GHDG welcome recent announcement that GuTS will participate in the gas exchange • GHDG would wish to see GuTS active in TTF in a similar way to Distrigas at Zeebrugge (and British Gas at NBP in the nineties)

  6. Other Factors Affecting Liquidity • Transparency of information • Limited transparency undermines liquidity • Emden entry capacity • Limited information available (compared to Zeebrugge/NBP etc) • Entry/Exit capacity • Limited firm capacity available • Interruptible capacity available • Quality Conversion • Fully booked • Interruptible capacity available from GTS

  7. Gas Hub Development GroupTTF Industry Forum - Prague 8.June.2004 Adam Cooper: Entergy Koch Trading

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