Central European Gas Hub and Wiener Börse Start Joint Gas Exchange
The start of gas trading activities by the CEGH Gas Exchange of Wiener Börse marks a further step towards positioning the Central European Gas Hub (CEGH) as an international hub and trading gateway into the central and eastern European (CEE) area, while strengthening competition and the further liberalisation of the market. The Austrian Minister of Economic Affairs Reinhold Mitterlehner, OMV Executive Board Member Werner Auli, Vienna Stock Exchange chief executive officer (CEO) Heinrich Schaller and managing director of CEGH AG, Harald Wüstrich, gave the go-ahead to the international spot trading at the opening ceremony.
The CEGH ranks among the largest gas trading platforms in continental Europe and seeks to facilitate access to gas trading. There are 100 trading participants currently registered on the platform and total trading volumes have increased, by roughly two billion cubic metres (bcm) per month, since the founding of the gas hub four years ago. The start of trading activities by CEGH at Vienna Stock Exchange now marks a further important step.
For OMV, which still has a 100% share in CEGH, the expansion of these gas trading activities contributes further to consolidating its logistic gas business. “The direct access to the infrastructure of the OMV distribution node Baumgarten, which is an interconnector of important transit pipeline systems and comprehensive storage facilities, allows the CEGH to be in a position to fulfil all necessary prerequisites of a state-of-the-art energy trading platform,” said Auli.
Furthermore, the co-operation between the CEGH and the Vienna Stock Exchange will further enhance the pivotal role of the Baumgarten compressor station, which is wholly owned by OMV Gas GmbH, as a physical distribution node in Central Europe. Roughly one-third of total Russian gas exports to western Europe are already transported via the OMV compressor station in Baumgarten. Short-term trade will optimally complement long-term delivery agreements, whilst safeguarding competition on the deregulated energy market.
Trading on the spot market of the CEGH Gas Exchange of Wiener Börse will be carried out via the Vienna Stock Exchange XETRA electronic trading system. The CEGH will be responsible for the market and customer relationship management, while overall market supervision will be with the Vienna Stock Exchange.