September 30, 2022

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Gas crisis, the EU now admits the glaring error behind the price hike: prices are tied to the unregulated stock market. which Gazprom also operates

a sexy mistake. L ‘link gas price Notorious now TTF (Address transfer facility) in Amsterdam is the largest catastrophe in organization and control systemsEuropean Union. The same officials recognize black and white commission Who wrote 17 pages in light of what is useless Extraordinary advice Energy ministers on September 9. This is not an official business because unofficial paper, As these actions are called, they represent a preliminary analysis of the options on the EU table to ensure that member states “combat energy prices and ensure supplies And the SustainabilityTechnicians’ conclusions are indictment About the European Union itself. As another confirmation of the error, the European Commissioner for Energy Qadri Simpson At a press conference he announced his intention to develop a “complementary index” because “the current gas price factor, known as Ttf, is linked to a relatively small pipeline-based market, which does not reflect the current reality in the European Union.”

TTF in Amsterdam is a market virtualwhich at best represents the Northeast Continent’s supply system, which was set up to manage the entry system in Dutch Through the pipeline you originally run Jasoni Transportation Services, wholly owned by Gasunie, the state’s energy operating arm. Until the pandemic crisis, no one (or almost) cared about the growing weight of Frankenstein Finance Created in Amsterdam with the support ofice(Intercontinental Exchange) giant financial platforms Founded in 2000 by Jeffrey Sprecher Backed by large investment banks. Ice is a group with a turnover of $7.1 billion since 2013 Also check out the New York Stock Exchangeie the New York Stock Exchange. being a bag, The more you trade, the more ice you earn.

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By 2021, exchanges on TTF increased by 45% and Ice group recorded a growth of 10% to her revenue in the energy sector, amounting to $1.2 billion. But the adults merchant of raw materials for energy, and hedge fund (hedge funds) and a small group of energy companies (Including himself Gazprom) has increasingly relied on TTF as an indicator for reference To determine the price of gas at the continental level at a point from Link supplies to previous quarter performance of futures contracts (As only confirmed in July of this year by Arreraour authority). Commission officials now admit that the Dutch virtual market is small (born at best to be regional) and with one volatility Absolutely awful and out of control pricing. In the paperless sheet, it is highlighted how the values ​​of Ttf . are 30% above average price Registered in virtual gas trading points for individual countries (British NBP, French wedge or Iberian PVB).

At this point what do you do? Technicians assume what some observers (like me) have been supporting for a year now. Freezes Ttf,To impose such a freeze under the Article 122 . Instrument“(Using Article 122 of the EU Treaties which give the Council the power to adopt Emergency measures in cases of exceptional danger access to some products, particularly in energy). Technicians document is also required noun (the authority that should control the financial markets) to make a quick analysis of the real conditions of the Dutch market, which thanks to its supposed small size, Not incredibly vigilant. On this front they are more frank and crude The Greeks who have submitted a document in which they request a maximum price for TTF, which opens with the assertion: “I Market failures must be corrected.”. Athena’s thesis is at least linking futures prices to the American index Henry Hub net costs liquefaction and transfer in Europe (which has a total value of about 45 Euro MWh). In a table published in the document it is clear that the average prices since the beginning of September are $34 per MWh and even taking into account $30 for transportation means a cap for Ttf in 130 euros per megawatt-hour (Assuming a cap equal to twice the maximum Henry Hub).

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And far from the result of endless political negotiations, it is now clear to everyone that the system that connects gas supplies to the stock exchange where only financial contracts are exchanged is literally. hitting the entire EU economy. after a crisis 2009 The prospects for heavy and decisive intervention by the regulators are well known and the country of reference United State, They have put in place a very strict system which obviously does not eliminate the risks distortion But it undoubtedly avoids the phenomena to which we have been victims in Europe for more than a year. with consent Dodd Frank (The new law on the financial system is required by the administration Obama entered into force July 21, 2010) Financial contracts such as futures contracts traded in Amsterdam are subject to a series of strict controls e exposed to Minute limits: All activities must be transparent and handed over to a clearing house subject to continuous and permanent monitoring Individual parking limits are set for each operator (on average no more than 10% of volumes), they can be Suspension of trading when volatility is excessive, Traders can be suspended.

None of this happened at Ttf in Amsterdam where almost nothing is known as the only information on monthly rates is available on the ICE platform’s website. frankly speaking about Penaltiesraises a question that deserves an immediate answer: Someone in Brussels knows the behavior of Gazprom Who is a Dutch virtual market operator? Suspicion that the giant of the Russian state may be condition The performance of the indicator to which the main supply contracts are related (indirectly also in favor of others such as i Norwegians which in the meantime became one of the first gas suppliers in Europe) very high And they deserve Investigation urgent.

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