Fluxys and the operator of the Greek natural gas system (DESFA) have signed an agreement with a view to creating a virtual trading point in Greece. Through its subsidiary Huberator, Fluxys operates the Zeebrugge Beach (first physical trading point on the European mainland, created in 1999) and the Zeebrugge Trading Point (virtual trading point established in 2012 in the wake of the entry into force of the Belgian entry-exit model). The agreement aims at conducting a feasibility study for the creation of a liquid wholesale gas market in Greece, which entails the setup of a notional point where market players can exchange gas commodity and contribute to a well-functioning market-based balancing regime in line with the European legislation.
At the same time, the Commission of Regulation for Electricity and Gas of Belgium (CREG) signed a memorandum of understanding (MoU) with the Regulatory Authority for Energy (RAE) in order to cooperate in facing the important role national energy regulatory authorities are called upon in the implementation of the EU legislation and national regulatory issues.
Walter Peeraer, Fluxys CEO, and Konstantinos Xifaras, DESFA CEO jointly commented: "The agreement signed today between Fluxys and DESFA underlines the good cooperation between transmission system operators in Europe, as envisaged by the blueprint of the Third Energy Package. The future Greek gas hub is a first step in the creation of a regional gas market in South Eastern Europe, which will improve the functioning of the Greek market and be beneficial for the Greek gas customers. It will undoubtedly increase security of supply and promote price transparency in the region, particularly thanks to the greater diversification of sources which will be achieved once the Trans Adriatic Pipeline delivers the first quantities of Azeri gas in Greece."
Adapted from press release by Callum O'Reilly
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