Hungarian CEEGEX gas bourse to switch to euros in October

The Hungarian CEEGEX natural gas bourse is planning to shift to euro based trading on 2 October in response to stakeholders feedback, the exchange said on Wednesday.

Trading on the platform is currently executed in Hungarian forint. The switch of the currency has been a long-awaited development for shippers on the Hungarian MGP market.

“At the launch of the platform, there were stakeholders who wanted trading to be euro based, but the status of the market suggested that forint-based trading was more practical,” said a Budapest-based shipper.

New members

CEEGEX registered eight new members in June and July, and the exchange now has 21 members in total.

Hungarian energy trading firm CYEB joined the spot and futures market in June. Geneva-based Gunvor, Croatian PPD and Gazprom subsidiary WIEE Hungary joined the spot market. On the futures market, Hungarian utility ELMU-EMASZ and Danish Neas Energy became new members in July. Swiss Dufenergy and Slovak grid operator Eustream also joined the bourse.

Among the existing counterparties, market makers include Axpo, JAS, MFGK, MET and RWE.

Liquidity on CEEGEX has been mixed in recent months, and since the beginning of the year 1.17TWh has been dealt through the bourse. david.simon@icis.com