Dettagli Operativi
Legislative Decree no. 130 of 13 Aug. 2010 (hereafter Legislative Decree 130/10), implementing the provisions of art. 30, paras. 6 and 7 of Law no. 99 of 23 Jul. 2009, introduces measures to make the natural gas market more competitive; these measures include, among others, the strengthening of storage infrastructures.
Art. 9, para. 2 of Legislative Decree 130/10 provides that Autorità per l’energia elettrica e il gas (the electricity & gas regulator, hereafter AEEG) shall take measures with a view to accelerating the effects deriving from the development of new storage capacity. These measures shall include the option, for the investors referred to in art. 5, para. 1 b), nos. 1 and 3, to ask Gestore dei servizi energetici S.p.A. (hereafter GSE) to deliver natural gas in the summer period and withdraw it in the subsequent winter period, for maximum volumes corresponding to the quotas of new storage capacity not yet entered into operation that art. 7 of the above Decree has assigned to them. This option shall apply until the progressive entry into operation of new storage capacities and anyway for a period not exceeding five (5) years.
Art. 11, para. 1 of Legislative Decree 130/10 also introduces measures aimed at favouring flexibility in the natural gas market: with a view to promoting liquidity in the wholesale natural-gas market, investors benefiting from the measures referred to in art. 9, para. 1, shall offer for sale, in the trading systems managed by Gestore dei mercati energetici (GME), the volumes of natural gas made available to them in the winter period through the services referred to in para. 2 of the same art. 9.
In compliance with the provisions of art. 9, para. 2 of Legislative Decree 130/10, AEEG’s Decision ARG/gas 193/10 of 4 Nov. 2010 (determination of the extent of the fees mentioned in articles 9 and 10 of Legislative Decree 130/10), as subsequently amended and supplemented, regulates the measures indicated in the above Decree (hereafter transitory physical measures). In particular, under art. 3, para. 3.3 of the above Decision, investors wishing to benefit from the transitory physical measures (referred to in art. 9, para. 2 of Legislative Decree 130/10 and regulated by the above Decision) and acquire the status of “participating investors” shall enter into appropriate agreements with GSE. The agreements shall, among others, lay down the procedures under which the participating investors shall offer for sale, in the trading systems managed by GME, the volumes of gas in respect of which they have asked GSE to benefit from the transitory physical measures.
In its subsequent Decision ARG/gas 79/11 of 23 Jun. 2011, ARERA establishes, among others, that: i) GSE and GME shall jointly define the procedures under which the participating investors shall offer for sale, in the trading systems managed by GME, the volumes of gas made available to them by the associated virtual storage operators; and that ii) the resulting operational procedures shall be submitted to ARERA for approval and, subsequently, adequately transposed into the model agreement between GSE and the participating investors.
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In implementing the provisions of AEEG’s Decision ARG/gas 79/11, GSE and GME put forward a proposal on procedures under which the participating investors shall offer for sale, in the trading systems managed by Gestore dei Mercati Energetici S.p.A, the quotas of gas made available to them by the associated virtual storage operators. ARERA approved the proposal with its Decision 67/2012/R/GAS of 1 Mar. 2012 (hereafter AEEG’s Decision 67/2012/R/GAS). The latter Decision provides, among others, that the set of GME’s trading systems - where the participating investors may fulfill their obligation to bid the volumes of gas made available by the associated virtual storage operators - shall alternatively or cumulatively consist of the following components:
A. the Platform for the trading of bids/offers of natural gas (P-GAS), with the creation of an appropriate segment, called “Segment referred to in Legislative Decree 130/10”;
B. the Spot Gas Market (MGP-GAS), organised and managed by GME.
The participating investors may fulfill their obligation to bid directly or through an agent. In the latter case, the agent is required to obtain the status of selling Participant on the P-GAS (Segment referred to in Legislative Decree 130/10), or Participant in the M-GAS or in both trading systems.
The obligation to bid is deemed to be fulfilled if the overall daily gas volume offered in the MGP-GAS and/or on the P-GAS (Segment referred to in Legislative Decree 130/10) is equal to the gas volume made available by the associated virtual storage operators in each of the days of the obligation period (1 Oct. - 31 Mar.).
1) P-GAS Segment referred to in Legislative Decree 130/10
Procedure for participating in the P-GAS, procedure for trading and products tradable in the Segment referred to in Legislative Decree 130/10
-Procedure for participating in the P-GAS
The procedure for participating in the P-GAS is set out in the P-GAS Regulations - approved by the Ministry of Economic Development on 23 Apr. 2010, as recently amended and supplemented to regulate the new Segment referred to in Legislative Decree 130/10.
Parties already participating in the P-GAS are not required to file a new participation application with GME: as P-GAS Participants, they are automatically authorised to trade also in the P-GAS Segment referred to in Legislative Decree 130/10.
The users of the P-GAS Participants are authorised to access all the Segments of the P-GAS. However, for carrying out transactions, they must have priorly completed the authorisation procedures specified for each Segment.
Parties that are not P-GAS Participants must submit a P-GAS participation application to acquire such status. The application shall be accompanied by the required documents ( http://www.mercatoelettrico.org/en-us/Home/Accesso-ai-Mercati/Gas/P-GAS/ComePartecipare). They must also sign a P-GAS participation agreement, as provided in Title II of the P-GAS Regulations. Applicants may send the P-GAS participation application, the accompanying documents and the P-GAS participation agreement to the following address
Gestore dei mercati energetici S.p.A.
Viale Maresciallo Pilsudski, 122/124
00197 – Roma
as early as from 16 Apr. 2012, taking into account the time required by GME to process the application (Title II of the P-GAS Regulations), as well as the procedure and time required by the type of product through which they intend to fulfil their obligation on the P-GAS.
-Procedure for trading in the Segment referred to in Legislative Decree 130/10
Transactions in the Segment referred to in Legislative Decree 130/10 will be based on the continuous-trading mechanism (as it now happens in the Imports’ Segment).
For transactions in this Segment, the unit of measurement selected for the gas volumes to be traded will be the MWh, instead of the GJ.
In particular:
• GME will organise an order book in respect of each product offered for sale by each Participant;
• the buying Participant may submit bids for the products offered for sale by a selling Participant only after: i) accepting the related terms and conditions of supply defined by the same selling Participant; and ii) receiving from the latter the authorisation to participate in his/her/its order book.
A party[1] deciding to fulfil the obligation to bid in the P-GAS Segment referred to in Legislative Decree 130/10 must provide GME with the terms and conditions of supply applicable for the sale of gas in the above-mentioned Segment. The document must be duly initialled and signed by the legal representative or duly authorised agent, in accordance with the P-GAS Regulations.
In particular, in order to fulfill the obligation to bid on the P-GAS, each Participant may offer for sale the gas volumes made available by the associated virtual storage operator by means of monthly or half-yearly contracts.
Upon submission of the terms and conditions of supply, the Participant shall specify the Segment and the products to which they refer.
Participants may send their terms and conditions of supply, applicable from the day of entry into operation of the new P-GAS Segment referred to in Legislative Decree 130/10 (7 May 2012), to the following address
Gestore dei mercati energetici S.p.A.
Viale Maresciallo Pilsudski, 122/124
00197 – Roma
as early as from 16 Apr. 2012, taking into account the time required by GME formally validating and publishing the terms and conditions of supply (Title II of the P-GAS Regulations), as well as the procedure and time required by the type of product through which Participants intend to fulfil their obligation on the P-GAS.
-Products tradable in the Segment referred to in Legislative Decree 130/10
The following products may be traded in the Segment referred to in Legislative Decree 130/10:
Monthly contracts may be traded from the first day of open market, of the second month preceding the start of the delivery period, to the last day of open market, of the month preceding the start of the delivery period (trading period of 2 months).
Half-yearly contracts refer to the winter period (1 Oct. - 31 Mar.). They may be traded from the first day of open market, of the month of March of the thermal year preceding the one corresponding to the half-yearly contract involved, to the last day of open market, of the month of September of the thermal year preceding the one corresponding to the half-yearly contract involved (trading period of 7 months).
For purposes of compliance with the obligation, the lots offered for sale must remain available on the platform (if they have not been sold) for:
a) a consecutive period of 180 days in the case of half-yearly products;
b) a consecutive period of 30 days in the case of monthly products.
It is worth pointing out that, under AEEG’s Decision 67/2012/R/gas, the obligation to bid for the thermal year of the 2012-2013 storage and for the half-yearly product is deemed to be fulfilled, if such product remains available for sale (if it has not been sold) for a period not shorter than the trading period beginning at the first useful session, after subtracting 30 days.
2) Spot Gas Market (MGP-GAS)
Procedure for participating and trading in the MGP-GAS
-Procedure for participating in the MGP-GAS
The procedures for participating in and entering bids/offers into the MGP-GAS are covered by the Gas Market (M-GAS) Rules - approved by the Ministry of Economic Development on 26 Nov. 2010, as subsequently amended and supplemented (link).
Parties already participating in the M-GAS are not required to file a new participation application with GME: as M-GAS Participants, they are automatically authorised to enter bids/offers, including those aimed at complying with the obligation referred to in AEEG’s Decision 67/2012/R/gas.
Parties that are not M-GAS Participants and wish to acquire such status must submit the M-GAS participation application and sign the M-GAS participation agreement, in accordance with the provisions of Title II of the Gas Market Rules. Applicants may send the M-GAS participation application, the accompanying documents and the M-GAS participation agreement to the following address
Gestore dei mercati energetici S.p.A.
Viale Maresciallo Pilsudski, 122/124
00197 – Roma
within the time limits specified in the Gas Market Rules, taking into account that: i) a Participant deciding to fulfill the obligation to bid in the MGP-GAS must enter orders corresponding to the overall amount of gas made available by the associated virtual storage operator subject to the obligation, or the residual share of such amount with respect to the volumes offered on the MGP-GAS, for the entire obligation period (1 Oct. - 31 Mar.).
To guarantee non-discriminatory access conditions between the two trading systems (P-GAS and M-GAS), GME decided to eliminate the access fee, equal to € 7,500.00, and the yearly fixed fee, equal to 10,000.00, in the M-GAS from 1 May 2012.
In this regard, it is worth noting that, if Participants have already paid the yearly fixed fee in respect of the year 2012, GME will - from 1 May - issue a credit note to reverse the amounts not due and refund such amounts by bank transfer.
-Procedure for trading in the MGP-GAS
Transactions in the Day-Ahead Gas Market (MGP-GAS), as per the applicable Rules, will take place under the continuous-trading mechanism, following by an auction-trading stage.
[1] The terms and conditions of supply must be submitted in the name of the Participant intending to acquire the status of selling Participant on the P-GAS (Segment referred to in Legislative Decree 130/10), regardless of the fact that the same Participant may be a participating investor or his/her/its agent.