Virtual trading point

A virtual trading point ( VTP ) referred to in the gas industry a notional delivery point serving as a transfer point in the execution of gas supplies within a market area. The virtual trading point is not allocated to physical feed-in conveyor exit point and enables buyers and sellers of gas, even without having to buy or sell natural gas capacity booking. In addition to the entry and exit capacities are necessary for access to the VHP no separate capacities. Customers who have entry capacity into the market area, can thus bring gas to the VHP, and those who have exit capacity, thus able to transport gas from the VHP.

Background

Virtual trading points are essential ( quasi- norm) that trading participants can set prices for natural gas and held the transfer to a fixed point. The gas can be traded after entry and before exit ( entry-exit model). Strictly speaking, the virtual trading point is not allocated to a physical entry or exit point. It enables network users to transfer natural gas without booking any capacity between their balance groups in the market area, as more of the same point is chosen as a trading base. Retailers and network so users can buy and sell without capacity booking at the VTP.

In the entry-exit tariff model, the natural gas via so-called entry- points into the virtual trading point VHP ( a virtual ' Gassee ') is fed. These are either at national borders or domestically in the form of natural gas storage. At the exit points, sitting also at national borders for transit or domestic for domestic supply, and the required capacity booked from this Gassee is taken again. The fee is no longer dependent on distance determined, but determined by specified government approved tariffs.

The European gas market has been affected by the ' Directive 2009/73/EC of 13 July 2009 concerning common rules for the internal market ' of the EU significantly. One of the main objectives of this Directive is the complete separation of the natural gas network operation of trade and production. This means ownership unbundling and the establishment of independent network operators substantially.

European trading points

The main virtual trading points in Europe are:

  • Title Transfer Facility (TTF ) in the Netherlands, since 2003
  • National Balancing Point (NBP ), virtual point for gas trading in the UK since 1996
  • NCG hub in Germany ( NetConnect Germany, formerly EGT ), since 2009
  • Gaspool Hub ( GPL) in Germany, since 2009
  • Traded Zeebrugge Hub ( ZEE ) in Belgium on the APX, since 2003
  • Points d' Echange de Gaz (PEG ), France, since 2004
  • Central European Gas Hub ( CEGH ), Austria, since 2005
  • Punto do Scambio Virtuale (PSV ), Italy, since 2003

The most important / most liquid VHP in the world is the Henry Hub in Erath (Louisiana ).

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