Representatives of E-Control Austria, CEGH, Powernext and EEX Visit Moscow

Representatives of E-Control Austria, CEGH, Powernext and EEX Visit Moscow

On 9-11 October 2017, officials from E-Control Austria and trading venues from Austria, France and Germany visited the Saint Petersburg International Mercantile Exchange (SPIMEX), the Federal Anti-Monopoly Service of Russia (FAS) and the Russian Energy Ministry.

Representatives of Energie-Control Austria, the national electricity and gas market regulator, Central European Gas Hub – CEGH (Vienna), Powernext (Paris) and European Energy Exchange – EEX (Leipzig) had an opportunity to get detailed first-hand information on the development of exchange trading in natural gas in Russia as well as an overview of regulated markets in other commodities. Experts of the SPIMEX Natural Gas Market provided extensive comments on the objectives and techniques of gas trading on the exchange, efforts aimed at setting objective and transparent price indices, operation of the Russian gas transmission system under the contracts made on SPIMEX.

Russian participants pointed out that experience accumulated by market participants in Austria and other EU nations was actively used in the development of natural gas exchange trading in our country. Moreover, relevant best practices may be used while drafting the commercial balancing model for the Russian gas transmission system.

Austrian specialists took a keen interest in the anti-trust regulation of Russian energy exchanges, tariff regulation of transmission networks operators and relations between SPIMEX trading participants (key gas producers and gas consumers), on the one hand, and transmission and distribution network operators, on the other.

The visit was arranged under the recommendations made last February by Work Stream 2 of the Russia-EU Gas Advisory Council. In May 2017, The CEGH and SPIMEX Information Week was held in Vienna for Russian gas market participants and gas market infrastructure organizations.

Saint Petersburg International Mercantile Exchange (SPIMEX) is the largest Russian commodity exchange which offers a wide range of products traded both in its Commodities Sections (refined products, crude oil, natural gas, LPG, timber and construction materials) and in its Derivatives Section. The Exchange’s key task is operating a transparent price formation mechanism to ensure fair prices for the commodities produced in Russia. SPIMEX was incorporated in 2008.

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