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ECC launches clearing for gas transactions on Gaspoint NordicLeipzig, )
Gaspoint Nordic has adapted products and processes to established standards of continental European gas markets and now offers 24/7 trading for short-term products with the support of ECC which was launched on 1 October 2014. This step allows Gaspoint Nordic and ECC the timely implementation of the Danish balancing energy model. This foresees that the procurement of balancing energy by the network operator should be primarily done on a transparent exchange-based marketplace.
"ECC is already performing clearing and settlement of German, Austrian, French, Dutch and Belgian gas contracts on a 24/7 basis and will now adapt these established processes to the Danish gas market. Participants who are already active in other markets cleared by us, get access to an even broader product offering", explains Dr. Thomas Siegl, Chief Risk Officer of ECC.
"By clearing via ECC, our customers benefit from the usage of established interfaces and processes for the settlement of their trades. By introducing the 24/7 service, we provide customers with more flexibility for short-term trading with physical gas contracts", adds Jacob Pedersen, Chief Executive Officer of Gaspoint Nordic.
The 24/7 operation of the Danish gas market will be supported by the market supervision of the European Energy Exchange (EEX). In the framework of a cooperation with the Danish gas transmission system operator Energinet.dk, which currently holds 100 percent of Gaspoint Nordic A/S, EEX - subject to approval of the relevant competition authorities - will acquire 50 percent of the shares in the Danish gas exchange.
About Gaspoint Nordic:
Gaspoint Nordic offers an exchange based market place for physical trade of natural gas in Denmark. The products offered all have short maturity ranging from within day to month ahead. Gaspoint Nordic provides a market place to producers, retailers, energy companies, trading representatives and large consumers on which they can buy or sell natural gas anonymous and with no credit risk.
Trading at Gaspoint Nordic is based on continuous trading and is performed electronically through an internet based trading system. This market model promotes further competition and transparency hence contributing to a dynamic gas market.
Gaspoint Nordic supports market based balancing in cooperation with the Danish TSO, Energinet.dk by offering extended trading hours in case of a gas supply crisis.
Gaspoint Nordic is 100% owned by the Danish TSO Energinet.dk since December 2012.
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