European Wholesale Gas Markets: New research report available at Fast Market Research
New Energy research report from Datamonitor is now available from Fast Market Research
* Insight into developments in Europe's major gas hubs through analysis of churn levels.
* Overview of recent events and major players, with a particular focus on the Dutch, Italian, and Spanish markets.
* Summarizes the development of the Nabucco pipeline.
In the Netherlands, the expected trend is increasing demand and a greater diversification of supply of natural gas through pipelines, storage facilities, and LNG. Due to government intervention, Datamonitor expects trade volumes on the TTF to increase on a par with the Zeebrugge Hub, making it one of the largest in Europe.
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Italy's PSV and Spain's Centro de Gravedad hubs remain at an early stage of development with limited liquidity. While attempts to build a single Iberian gas market (MIBGAS) are still under way, Datamonitor notes more encouraging progress in inter-regional co-operation through the South Gas Regional Initiative between Spain, Portugal, and France.
European gas markets are in a highly segmented state and gas cannot easily flow across European borders. On the production front, there remain a limited number production sources (Russia, Algeria, Norway, the UK, and the Netherlands, along with LNG shipments). New entrants are often discouraged by long-term take-or-pay contracts.
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* What are the most liquid gas markets in Europe?
* How has the Netherlands' TTF evolved and why?
* How far along is Europe in achieving a competitive pan-European gas market?
* What does a liquid market look like?
* What has happened to Nabucco?
Partial Table of Contents:
* Wholesale gas hub development will lead to further competition, enhanced security of supply, and greater market efficiency
* The EU continues to strive for greater competition by promoting a single integrated wholesale gas market
* The market's traditional pricing mechanisms present obstacles to competition
* The development of wholesale hubs and more gas-on-gas pricing will lead to greater security of supply
* Traded volumes in European exchange systems
* The Netherlands
* Adequate levels of liquidity on wholesale hubs are integral to the development of a competitive European gas market
* The development of wholesale markets tends to follow a preset pattern of distinct stages
* The wholesale market development cycle gradually builds up enough momentum to spawn the creation of wholesale support services
* Once sufficient structural factors are in place, the necessary support services required for wholesale market development begin to emerge
* The market-based factors supporting hub development are crucial elements in facilitating and developing traded markets
* Wholesale gas markets are required by different players throughout the value chain for different reasons
* Currently Europe's wholesale gas markets cover the full range of developmental stages
* The UK remains the most mature market
* Europe's current wholesale gas markets cover the full spectrum of segmentation
* Analysis of churn levels provides an insight into liquidity and wholesale market developments
* Current levels of churn in individual wholesale markets vary significantly
* The National Balancing Point's maturity, deep liquidity, and strong volume growth have led to the UK's position as Europe's leading gas market
* The Zeebrugge Hub remains Europe's second most liquid hub
* The TTF has experienced remarkable liquidity growth and continues to challenge the Zeebrugge Hub in traded volumes
* Price efficiency levels in the European wholesale markets show varying ranges of volatility
* Datamonitor's Deviation Days Index measures price movement ranges and provides insight into price efficiency
* Levels of volatility in the established markets have been decreasing markedly
* Other less developed hubs
* The Central European Gas Hub continues to develop its traded volumes, although it is still limited by its single source of gas supply
* Europe's emerging wholesale gas hubs continue to expand in both traded volumes and liquidity
* Europe's nascent markets are seeing renewed impetus towards development
* The Netherlands
* Market overview: demand and supply
* Future supply diversification
* The role of non-conventional gas
* Gas infrastructure and storage investment
* The growing importance of the TTF
* Changes of note in the TTF
* Regulation in the Dutch market
* Major players in the market
* Nederlandse Aardolie Maatschappij
* Market overview: demand and supply
* PSV developments
* M-Gas, Italy's new exchange
* Virtual storage program
* Competition and concentration in the market
* Active and major players in the market
* Iberian Peninsula
* Market overview
* Supply diversification through Nabucco
* Nabucco pipeline
* Ask the analyst
* Figure: Liquidity in natural gas markets, as defined by the IEA, incorporates four distinct market characteristics
* Figure: The five distinct stages of wholesale market progression
* Figure: Wholesale support services emerge as the cycle builds momentum
* Figure: The interaction between structural and support factors creates a "snowball" effect
Full Table of Contents is available at:
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