14.09.2012
Eustream joins Central European Gas Hub
- Slovak Eustream acquires a 15% stake in the Central European Gas Hub (CEGH)
- The alliance strengthens the position of CEGH as the leading trading hub for natural gas in Central and South-Eastern Europe
- CEGH becomes the operator of the Virtual Trading Point for Austria
The Central European Gas Hub, which offers traders easy access for gas trading, is one of Continental Europe's leading international gas hubs. Since its foundation in 2005, CEGH has seen the number of members rise to 147. Its trading volume in 2011 was approximately 40 bcm and in the first half of 2012, its trading volumes were 23% up on the previous year.
"Joining CEGH is an important milestone for Eustream which complements our traditional position of the major gas highway for the EU. A participation in the leading gas trading platform in Central Europe is a logical extension of our business as one of the most important transmission system operators in this region," says Gunnar Löwensen, Member of the Board of Directors of Eustream, the Slovak gas transmission system operator.
"With Eustream's participation, the CEGH has gained a partner who, along with the Vienna Stock Exchange, is capable of making a significant contribution to the development of CEGH and to the increase of liquidity of the gas hub. With Eustream on board, CEGH will increase its importance to customers and will contribute to the security of supply in Central Europe," says Hans-Peter Floren, OMV Executive Board Member for Gas and Power and Chairman of the Supervisory Board of CEGH AG.
Following the Eustream acquisition, OMV Gas & Power GmbH will hold 65% of CEGH, with the Vienna Stock Exchange still holding 20%. A possible participation of other natural gas producers is not excluded in future.
CEGH becomes the operator of the Virtual Trading Point for Austria.
In July 2012, CEGH switched to Trayport ETS from the previous trading systems. Traders now have the full benefits of Trayport Global Vision and are able to trade on several markets on one screen at the same time. Also, by end of the year, CEGH plans to introduce its "CEGH Gas Exchange Within-Day Market of Wiener Boerse", where balancing energy for natural gas networks will be traded. The "entry-exit" system will be introduced at the beginning of 2013 and CEGH will take over the role of operator of the Virtual Trading Point for Austria.Background information
Central European Gas Hub
The Central European Gas Hub (CEGH) is a subsidiary of OMV Gas & Power GmbH and one of the leading natural gas trading platforms in Continental Europe. It provides a trading platform for international gas companies in Baumgarten and other points where the Austrian grid crosses the border. In 2011, the CEGH established itself as Continental Europe's leading trading platform when it achieved a trading volume of nearly 40 bcm. OMV, the Vienna Stock Exchange and Eustream are committed to establishing CEGH as one of Continental Europe's biggest gas hubs and will continue to expand the service offering.All News