It is time to enter the era of pragmatismThe lowest rate in seventyfive years saidSuch a movement could quickly become uncontrollableMore reason to freedom in the negotiation85 over the last twelve months as the whole sector5 billion in capital for 18 of the capitalIn ten years the evolution is spectacularRemains to know how the markets will reactHowever the penetration rate is currently 7Alone this area represents 1 million of the 1The current controversy on the prices of gas fuels a general confusion on the mechanisms of an energy resource as critical as the gas market. Some resented this increase and rely on the protection of long-term gas contracts. Others denounced the opacity of the formation of the price of gas in France. First, we could answer that the increase of 4 of the tariff in France stays in withdrawal of the 60 of appreciation of the brent (in dollars) a year. The latter could be argued that this lack of transparency translates everything simply a lack of market.
European demand for gas in 2006 (excluding Romania and Bulgaria) is$ 500 billion cubic metres per year. National productions are barely more than 40 of the offer. The rest is imported. The continental European gas market consists of a juxtaposition of domestic markets, where the historical Builder of the national gas industry (Ruhrgas for a large part of the Germany, Italy, Belgium, gas of France... Distrigaz SNAM) provide about 90 of the supply of gas under long-term contracts with the producer States indexed on domestic fuel and heavy fuel oil quoted in dollars in Rotterdam.
The rest of the supply of gas is provided by the wholesale markets. Europe has now only three gas markets organized: British (NBP), Dutch (TTF), and Zeebrugge, Belgium. Products traded on these markets mainly contain contracts priced "spot" for a mandatory physical delivery the next day or the price contracts "forward" for a future supply according to fixed deadlines.
In the absence of organized market, the wholesale market is limited to transactions by agreement between operators, as is the case in France. Would we be better protected if the rates in public distribution were wedged on those markets spot in place and place of petroleum products Nothing is less sure. In March 2006, to Zeebrugge, reference contracts long term, the course was of 18 euros per megawatt hour when the spot exceeded the 60 euros. A year later, the gas long term exceeds 21 euros, while the spot drops to 10 euros. Long contract term or instant Exchange, which choose
Should say: oil contract or gas transaction As long as gas supply is dominated by the contracts indexed on oil products, gas utilities, so many they are, can offer their customers as prices of gas reflecting those of the oil. Purchase a single formula, a single logic of the sale price. Point of gas - gas competition: the game remains sluggish. Of course, industrial customers will benefit tomorrow of a supply gas on measurement, indexed on electricity, gas, aluminum... Find however hedging instruments necessary to establish a price or a margin of acceptable liquidity markets This question is obviously not on the oil markets, liquidity and incomparable depth.
The paradox of the gas markets is here: contracts long-term gas, including the historic legitimacy is to ensure security of supply of markets, linked the price of gas in the oil and reduce financially different gas offers a single. Conversely, the availability of "competitive gas" promotes the emergence of a genuine market gas, décorrélé of the oil, but impose management, always imperfect and fragile, the exposure of operators to multiple indices and the risk of non-liquidité. Gas companies, which have recently concluded contracts long-term indexed on oil but on the reference market of Zeebrugge, have found the right way between these two pitfalls The experience should be followed. Beyond that, it is the development of liquefied natural gas (LNG), freed from the rigidity of the pipelines, which will bring the essential contribution to the rise of a genuine European market.
