European Gas Trading 2010
This document includes a report
summary, a table of contents, report
format and price information, and an
order form.
Report Summary
This 257 page report offers a comprehensive
analysis of the trading market, the brokers and
exchanges, EU competition and environmental
policy factors, top industry players, and more.
The market’s dimensions and trends are profiled
in 94 tables and 63 charts. The report is
structured as follows:
Chapter 1 – Trading Activity: this chapter
reviews the trading volumes at established and
emerging gas trading locations in Europe. It
describes the instruments being traded, the use
of exchanges, over-the-counter trade and
cleared OTC trade.
Chapter 2 – Markets and Exchanges: this
chapter reviews in detail each of the European
trading markets, both exchange-based and over-
the-counter.
Chapter 3 – Gas Prices: this chapter looks into
the drivers behind gas prices in Europe and
reviews the development of wholesale and retail
market prices over the past year.
Chapter 4 – Regulation: this chapter outlines
the legislative foundation that underpins
European gas market opening. It describes the
various processes and bodies working within the
gas industry to develop competitive market
structures.
Chapter 5 – Infrastructure: this chapter
reviews European policy and funding for gas
infrastructure projects. It covers existing and
planned gas infrastructure, including import
pipelines, regional interconnections, LNG
terminals and storage facilities.
Chapter 6 – Fundamentals: this chapter
provides an overview of the key fundamentals of
the European gas market, including gas
reserves and production, consumption trends,
trade flows and system flexibility. It also sets the
European market within its global context.
Chapter 7 – Market Participants: this chapter
reviews the main European gas market
participants, with pen portraits of all the main
physical market players. It reviews the
© 2010 Prospex Research Ltd
participation in exchanges and organized hubs
of banks, trading houses and other parties.
Chapter 8 to 14 – National and Regional
Markets: each of these chapters reviews the
gas market of a single country or a region of
Europe. Details are given of production and
consumption of gas, imports and exports and
key infrastructure, including transmission and
transit systems, LNG terminals and storage
facilities. The progress of gas market
development and competition is assessed and
the main national or regional players are listed
and described, including their market shares.
Chapter 15 - Definitions and Conversion
Factors: this chapter explains the units, unit
conversion factors and currency conversions
used in this report.
European  gas  trading  volumes 
continued to grow in 2009 and the 
first  half  of  2010,  despite  a  sharp 
decrease  in  gas  consumption 
between 2008 and 2009 across the 
region.    The  UK  market  showed 
signs of recovery after the setback 
of the financial crisis, with a small 
increase  in  physical  trading 
volumes,  and  strong  growth  in 
futures  trading  volumes.    In  the 
newer  mainland  markets,  trading 
volumes  rose  much  faster,  but 
these  markets  remain  far  smaller 
than the UK.   
To order this 
report please fill in 
the last page and 
fax it to us on 
+44 20 7900 3844 
1 www.prospex.co.uk
 European Gas Trading 2010

Table of Contents

1 TRADING ACTIVITY 13
1.1 TRADING VOLUMES 13
1.1.1 Hubs and Exchanges 13
1.1.2 National Markets 16
1.1.3 Trading Platforms 20
1.2 TRADING LOCATIONS 24
1.3 TRADED INSTRUMENTS 25
1.3.1 Term Contracts 26
1.3.2 Spot and Forward Trading 27
1.3.3 Capacity Trading 29

2 MARKETS AND EXCHANGES 31

2.1 NBP AND UK MARKETS 31
2.1.1 OTC Trading 31
2.1.2 APX Gas UK Markets 33
2.1.3 ICE Gas Futures 35
2.2 TTF AND DUTCH MARKETS 36
2.2.1 APX Gas NL 39
2.2.2 Endex Gas Futures 40
2.2.3 ICE TTF Gas Futures 41
2.3 ZEEBRUGGE MARKETS 41
2.3.1 APX Gas ZEE 43
2.4 GERMAN MARKETS 43
2.4.1 NetConnect Germany (NCG) 44
2.4.2 GASPOOL 45
2.4.3 Other OTC Trading Locations 47
2.4.4 EEX Spot and Futures Exchange 48
2.4.5 Store-x and Trac-x Capacity Exchanges 49
2.5 PEGS AND FRENCH MARKET 50
2.5.1 Powernext Spot and Futures Exchange 52
2.5.2 Capsquare Capacity Exchange 54
2.6 PSV AND ITALIAN MARKET 54
2.7 CEGH AND BAUMGARTEN 56
2.8 OTHER TRADING LOCATIONS 58
2.8.1 Iberian Markets 58
2.8.2 Danish Markets 59
2.8.3 Other Markets 60

3 GAS PRICES 62
3.1 PRICING MECHANISMS 62
3.1.1 Spot and Forward Price Drivers 62
3.1.2 Long-Term Contract Pricing 63
3.1.3 Interaction between Contract and Spot markets 65
3.1.4 The Influence of the LNG Market 66
3.2 WHOLESALE GAS PRICES 68
3.3 END-USER GAS PRICES 70

4 REGULATION 74
4.1 LEGISLATIVE STRUCTURE 74
4.1.1 The EU Gas Directives 74
4.1.2 The EU Gas Regulations 76
4.2 PROCESSES AND BODIES 77
4.2.1 Madrid Forum 77
4.2.2 ERGEG 78
4.2.3 Gas Regional Initiatives 78
4.2.4 ACER 79
4.2.5 ENTSOG 80
4.2.6 Annual Reporting 81
4.2.7 EC Energy Sector Competition Enquiry 82

© 2010 Prospex Research Ltd. 2 www.prospex.co.uk

 European Gas Trading 2010

4.2.8 Other Competition Enquiries 83

4.2.9 Gas Release Programmes 85

5 INFRASTRUCTURE 87
5.1 POLICY AND FUNDING 87
5.1.1 Policy Background 87
5.1.2 Trans-European Energy Networks (TEN-E) Programme 88
5.1.3 European Economic Recovery Plan 90
5.2 TRANSMISSION INFRASTRUCTURE 91
5.2.1 Existing Pipeline Infrastructure 93
5.2.2 Major Pipeline Developments 94
5.2.3 North East European Projects 95
5.2.4 South East European Projects 98
5.2.5 South West European Projects 102
5.2.6 Cross-Border Interconnectors 103
5.3 LNG 104
5.3.1 Existing Terminals 104
5.3.2 LNG Terminal Projects 106
5.4 GAS STORAGE 108

6 FUNDAMENTALS 111
6.1 GAS RESERVES AND PRODUCTION 111
6.1.1 Unconventional Gas 115
6.2 CONSUMPTION 116
6.3 TRADE FLOWS 119
6.3.1 LNG Imports 124
6.4 SYSTEM FLEXIBILITY 125

7 MARKET PARTICIPANTS 128

7.1 MAJOR GAS SUPPLIERS 128
7.2 TRADING MARKET PARTICIPANTS 147
7.3 BROKERS 152
7.4 MERGERS AND ACQUISITIONS 153

8 BENELUX 155
8.1 FUNDAMENTALS 155
8.1.1 Reserves and Production 155
8.1.2 Consumption 156
8.1.3 Imports and Exports 157
8.1.4 Infrastructure 159
8.2 GAS MARKET DEVELOPMENT 163
8.2.1 Liberalisation 163
8.2.2 Market Participants 164

9 FRANCE 168
9.1 FUNDAMENTALS 168
9.1.1 Reserves and Production 168
9.1.2 Consumption 168
9.1.3 Imports and Exports 169
9.1.4 Infrastructure 170
9.2 GAS MARKET DEVELOPMENT 174
9.2.1 Liberalisation 174
9.2.2 Market Participants 175

10 GERMANY 177
10.1 FUNDAMENTALS 177
10.1.1 Reserves and Production 177
10.1.2 Consumption 178
10.1.3 Imports and Exports 180
10.1.4 Infrastructure 181
10.2 GAS MARKET DEVELOPMENT 187

© 2010 Prospex Research Ltd. 3 www.prospex.co.uk

 European Gas Trading 2010

10.2.1 Liberalisation 187

10.2.2 Market Participants 190

11 IBERIAN PENINSULA: SPAIN AND PORTUGAL 194

11.1 FUNDAMENTALS 194
11.1.1 Reserves and Production 194
11.1.2 Consumption 194
11.1.3 Imports and Exports 196
11.1.4 Infrastructure 197
11.2 GAS MARKET DEVELOPMENT 201
11.2.1 Liberalisation 201
11.2.2 Market Participants 202

12 ITALY 204
12.1 FUNDAMENTALS 204
12.1.1 Reserves and Production 204
12.1.2 Consumption 204
12.1.3 Imports and Exports 206
12.1.4 Infrastructure 207
12.2 GAS MARKET DEVELOPMENT 211
12.2.1 Liberalisation 211
12.2.2 Market Participants 212

13 UK AND IRELAND 215

13.1 FUNDAMENTALS 215
13.1.1 Reserves and Production 215
13.1.2 Consumption 216
13.1.3 Imports and Exports 219
13.1.4 Infrastructure 221
13.2 GAS MARKET DEVELOPMENT 227
13.2.1 Liberalisation 227
13.2.2 Market Participants 228

14 OTHER EUROPEAN COUNTRIES 232

14.1 FUNDAMENTALS 232
14.1.1 Reserves and Production 232
14.1.2 Consumption 235
14.1.3 Imports and Exports 238
14.1.4 Infrastructure 241
14.2 GAS MARKET DEVELOPMENT 249
14.2.1 Liberalisation 249
14.2.2 Market Participants 251

15 DEFINITIONS AND CONVERSION FACTORS 254

15.1 DEFINITIONS 254
15.2 ROUNDING 254
15.3 UNITS AND CONVERSIONS 254

© 2010 Prospex Research Ltd. 4 www.prospex.co.uk

 European Gas Trading 2010

Tables
Table 1 Recorded Hub and Exchange Trading Volumes, 2008 - 2009 14
Table 2 Estimated Gas Trading Volumes by Country, 2008 - 2009 17
Table 3 Gas Trading Volumes by Venue and Type, 2009 22
Table 4 Gasoil Price Indexation of Gas Contracts, 2007 - 2010 64
Table 5 EU Gas Directives 74
Table 6 ERGEG Gas Regional Initiatives 79
Table 7 Agency for Cooperation of Energy Regulators (ACER) 80
Table 8 Significant Recent Competition Enquiries 84
Table 9 European Gas Release Schemes, as of August 2010 85
Table 10 Gas Infrastructure Projects Receiving TEN-E Funding, 2005 - 2009 89
Table 11 EU Economic Recovery Plan Gas Project Grants, 2010 90
Table 12 European Major International Gas Pipelines, 2010 93
Table 13 European Major Planned International Gas Pipelines, 2010 95
Table 14 European Operating LNG Terminals, 2010 105
Table 15 European Planned LNG Terminals, 2010 107
Table 16 European Existing and Planned Gas Storage Facilities, 2010 109
Table 17 European Gas Reserves Ranked by Country, 2009 112
Table 18 European Gas Production by Country, 2008 - 2009 114
Table 19 European Gas Consumption by Country, 2008 - 2009 118
Table 20 European Gas Imports and Exports by Country, 2009 121
Table 21 European Gas Imports by Source, 2009 123
Table 22 European LNG Imports by Destination, 2009 125
Table 23 Seasonal Flexibility in Northern Europe, 2009 126
Table 24 Top 20 Companies by European Gas Sales, 2009 129
Table 25 Top 10 European Gas Producers, 2009 130
Table 26 Selected Companies European Gas Trading Volumes, 2008 - 2009 147
Table 27 European Gas Exchange Major Participants, August 2010 149
Table 28 Mergers and Acquisitions in the European Gas Market, 2009 153
Table 29 Dutch Gas Reserves and Production, 2008 - 2009 155
Table 30 Benelux Gas Consumption by Sector, 2009 156
Table 31 Benelux Gas Imports and Exports, 2008 - 2009 158
Table 32 Belgian Operating LNG Terminal, 2010 161
Table 33 Dutch Planned LNG Terminals, 2010 161
Table 34 Benelux Gas Storage Facilities, 2010 162
Table 35 Dutch Planned Gas Storage Facilities, 2010 163
Table 36 Benelux Major Gas Market Participants, 2009 165
Table 37 Market Share of Major Belgian Gas Suppliers, 2009 165
Table 38 Market Share of Major Dutch Gas Producers, 2009 166
Table 39 French Gas Reserves and Production, 2008 - 2009 168
Table 40 French Gas Consumption by Sector, 2008 - 2009 169
Table 41 French Gas Imports and Exports, 2008 - 2009 170
Table 42 French Operating LNG Terminals, 2010 172
Table 43 French Planned LNG Terminals, 2010 172
Table 44 French Existing Gas Storage Facilities, 2010 173
Table 45 French Planned Gas Storage Facilities, 2010 174
Table 46 French Major Gas Market Participants, 2009 175
Table 47 German Reserves and Production, 2008 - 2009 177
Table 48 German Gas Consumption by Sector, 2008 - 2009 178
Table 49 German Gas Imports and Exports, 2008 - 2009 181
Table 50 German Gas Transmission Networks, 2010 182
Table 51 German Gas Storage Facilities, 2010 185
Table 52 German Planned LNG Terminals, 2010 186
Table 53 German Network Zones, as of July 2010 188
Table 54 German Major Gas Market Participants, 2009 190
Table 55 Iberian Gas Consumption by Sector, 2009 194
Table 56 Iberian Gas Imports and Exports, 2008 - 2009 196
Table 57 Iberian Operating LNG Terminals, 2010 199
Table 58 Iberian Planned LNG Terminals, 2010 200
Table 59 Iberian Gas Storage Facilities, 2010 200

© 2010 Prospex Research Ltd. 5 www.prospex.co.uk

 European Gas Trading 2010

Table 60 Spanish Planned Gas Storage Facilities, 2010 201

Table 61 Iberian Major Gas Market Participants, 2009 202
Table 62 Spanish Gas Market Shares, 2009 203
Table 63 Italian Gas Reserves and Production, 2008 - 2009 204
Table 64 Italian Gas Consumption by Sector, 2008 - 2009 205
Table 65 Italian Gas Imports and Exports, 2008 - 2009 206
Table 66 Italian Operating LNG Terminals, 2010 208
Table 67 Italian Planned LNG Terminals, 2010 209
Table 68 Italian Gas Storage Facilities, 2010 210
Table 69 Italy Planned Gas Storage Facilities, 2010 211
Table 70 Italian Major Gas Market Participants, 2009 213
Table 71 Market Shares of Major Italian Gas Suppliers, 2009 214
Table 72 UK and Irish Gas Reserves and Production, 2009 215
Table 73 UK and Irish Gas Consumption by Sector, 2009 217
Table 74 UK and Irish Gas Imports and Exports, 2008 - 2009 220
Table 75 UK Operating LNG Terminals, 2010 223
Table 76 UK and Irish Planned LNG Terminals, 2010 224
Table 77 UK and Irish Gas Storage Facilities, 2010 225
Table 78 UK Irish Planned Gas Storage Facilities, 2010 227
Table 79 UK and Irish Major Gas Market Participants, 2009 229
Table 80 UK Gas Production by Major Producers, 2009 230
Table 81 Other European Gas Reserves and Production, 2009 232
Table 82 Other European Gas Consumption, 2009 236
Table 83 Other European Gas Imports by Origin, 2009 238
Table 84 Nordic Gas Exports, 2008 - 2009 240
Table 85 Other European National Gas Networks, 2010 242
Table 86 Other European Gas Storage Facilities, 2010 245
Table 87 Other European Planned Gas Storage Facilities, 2010 246
Table 88 Other European Operating LNG Terminals, 2010 246
Table 89 Other European Planned LNG Terminals, 2010 247
Table 90 Other Europe Gas Market Shares of Dominant Suppliers, 2009 250
Table 91 Other European Gas Market Participants, 2009 253
Table 92 Gas Units and Conversion Factors 255
Table 93 Energy Content of European Gas 256
Table 94 Currency Conversion Factors 256

Charts
Chart 1 Recorded Hub and Exchange Traded Volumes, 2009 13
Chart 2 Quarterly Development of NBP Nomination Volumes, 2008 - 2010 15
Chart 3 Quarterly Development of European Nomination Volumes, 2008 - 2010 16
Chart 4 European Gas Market Churn Factors, 2009 18
Chart 5 European Total Gas Trading Volumes by Country, 2009 19
Chart 6 European Gas Trading Volumes by Trading Platform, 2009 21
Chart 7 European Gas Trading Hubs, 2010 24
Chart 8 Monthly Nominated Trading Volumes at NBP, 2005 to Jun 2010 32
Chart 9 Monthly Trading Volumes on OCM, 2003 to Jun 2010 34
Chart 10 Annual Trading Volume on ICE Gas Futures, 1997 to Jun 2010 36
Chart 11 Monthly Trading Volume at TTF, 2003 to Jun 2010 37
Chart 12 Monthly Gas Trading Volume at Endex, Mar 2006 to Jun 2010 40
Chart 13 Monthly Trading Volumes at Zeebrugge, 2000 to Jun 2010 42
Chart 14 Monthly Gas Trading Volume at NCG, Oct 2006 to Jun 2010 45
Chart 15 Monthly H-Gas Trading Volume at GASPOOL, Oct 2006 to Jun 2010 46
Chart 16 Monthly L-Gas Trading Volumes, Oct 2006 to Jun 2010 47
Chart 17 Monthly Gas Trading Volume at EEX, Jul 2007 to Jun 2010 48
Chart 18 Monthly Net Transfer Volume at the PEGs, 2006 to Jun 2010 51
Chart 19 Monthly Trading Volume at Powernext, Nov 2008 to Jun 2010 53
Chart 20 PSV Trading Volumes, Oct 2003 to Jun 2010 55
Chart 21 CEGH Trading Volumes, Oct 2005 to Jun 2010 57
Chart 22 Monthly Trading Volumes on MS-ATR, 2006 to Mar 2010 59

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 European Gas Trading 2010

Chart 23 European Gas Price Indexation, 2005 - 2011 65

Chart 24 UK Forward and German Border Gas Prices, 2005 to Jun 2010 66
Chart 25 NBP and Henry Hub Gas Prices, 2005 to Jun 2010 67
Chart 26 NBP, TTF and NCG Day-Ahead Gas Prices, 2007 to Jun 2010 69
Chart 27 Average European Household Gas Prices, 2H 2009 72
Chart 28 Average European Industrial Gas Prices, 2H 2009 73
Chart 29 European Gas Infrastructure, 2010 92
Chart 30 North East European Major Planned Gas Pipelines, 2010 96
Chart 31 South East European Major Planned Gas Pipelines, 2010 98
Chart 32 South West European Major Planned Gas Pipelines, 2010 103
Chart 33 Cumulative European LNG Import Capacity Estimates, 2010 - 2016 106
Chart 34 European Existing and Planned Storage Capacity, 2010 110
Chart 35 World Gas Reserves by Region, December 2009 111
Chart 36 European Gas Reserves by Country, December 2009 112
Chart 37 World Gas Production by Region, 2009 113
Chart 38 European Gas Production by Country, 2009 114
Chart 39 World Gas Consumption by Region, 2009 116
Chart 40 European Gas Consumption by Country, 2009 117
Chart 41 World Gas Net Import/Export by Region, 2009 120
Chart 42 European Gas Imports by Source, 2009 123
Chart 43 European LNG Imports by Destination, 2009 124
Chart 44 Seasonal Flexibility in Northern Europe, 2009 126
Chart 45 Top 20 Companies by European Gas Sales, 2009 128
Chart 46 Belgian Gas Consumption by Sector, 2009 156
Chart 47 Dutch Gas Consumption by Sector, 2009 157
Chart 48 Belgian Gas Imports by Origin, 2009 158
Chart 49 Dutch Gas Exports by Country, 2009 159
Chart 50 French Gas Consumption by Sector, 2009 168
Chart 51 French Gas Imports by Origin, 2009 170
Chart 52 German Gas Consumption by Sector, 2009 178
Chart 53 German Gas Imports by Origin, 2009 180
Chart 54 Spanish Gas Consumption by Sector, 2009 194
Chart 55 Spanish Gas Imports by Origin, 2009 197
Chart 56 Italian Gas Consumption by Sector, 2009 205
Chart 57 Italian Gas Imports by Origin, 2009 206
Chart 58 UK Gas Consumption by Sector, 2009 217
Chart 59 UK Actual and Forecast Demand, 2008 - 2018 218
Chart 60 Irish Gas Consumption by Sector, 2009 219
Chart 61 UK Gas Imports by Origin, 2009 219
Chart 62 Norwegian Gas Exports by Destination, 2009 241
Chart 63 Norwegian Gas Producers by Equity Share of Production, 2009 252

© 2010 Prospex Research Ltd. 7 www.prospex.co.uk

 European Gas Trading 2010

About the Authors

Mary Jackson and Nigel Harris are independent energy

market consultants. Each has over 15 years experience of
working with energy traders, providing analysis, training,
information and technology services to companies engaged
in the oil, gas and electricity markets. Mary and Nigel regularly write, speak and lecture on the gas
markets and energy trading.

Kingston Energy Consulting is a consulting company that specialises in energy markets and energy
market information. Its services are aimed at companies that trade in the oil, gas and power markets
and at the information and software companies that serve them.

Kingston Energy Consulting Ltd

e-mail: info@kingstonenergy.com
web: www.kingstonenergy.com

About the Publisher

Prospex Research analyses the European energy business, focusing on
wholesale markets for power, gas, coal and emissions allowances.

Prospex is independent and committed to relevant, accurate and unrestricted reporting and analysis. It
does not accept sponsorship that would compromise this commitment.

Prospex Research Ltd

e-mail: info@prospex.co.uk tel: +44 (0) 20 3239 9905
web: www.prospex.co.uk fax: +44 (0) 20 7900 3844

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© 2010 Prospex Research Ltd. 8 www.prospex.co.uk

 European Gas Trading 2010

Report Format and Price and Info

European Gas Trading 2010 will be sent to you by e-mail in electronic format
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or more users, even placed on your company’s intranet. See the table below for multiple
user pricing and savings in pounds sterling.

Number of users 2 3 4 unlimited

Full price, £ (pound sterling) 2,790 4,185 5,580 6,975
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10% discount for previous buyers 237 345 442 528
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 European Gas Trading 2010

European Gas Trading 2010

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