Data on the sale of gas on the electronic trading platform of "Gazprom" is actively discussed on the pages of trade publications in Russia, and abroad. Why this initiative attracts attention and what, properly, speech?
As is known, the bulk of Russian gas sales to Europe takes place on long-term contracts with the "oil" price reference. Established a decade ago, the sales system, until recently, all arranged. But a few years ago, gas exchange was launched in Europe, and since then the European importers want, to pricing was based on the quotations of these sites (We need to recognize, that the logic of this has, - all the same "oil" gas pricing dies due to objective reasons: too different is the use of these two energy sources).
Even in the existing contracts have been introduced changes (there was a component with reference to market prices). But most importantly, that the current long-term contracts are gradually beginning to end, although this process will extend for more than a decade. A new contract importers will want to subscribe to the new conditions. it, by the way, It has already taken place with Norway: now the country all gas supplies to the EU carries a price tied to a gas exchange northwestern Europe.
But in this case it is reasonable to ask a question: and why, properly, supplied gas should be traded only on the customer site, not the seller? Indeed, the share of Russian pipeline gas to European consumption exceeds 35 percent and is approaching 40. To do this, Russia needs its own trading platform, and ideally - Gas Exchange.
We can not say, that no steps in this direction has been taken previously. So, eg, few years have made exchange trading in Russian gas on the domestic market (the SPbMTSB), where trading volumes make up a few percent of Russia's total gas consumption. Directly to such objectives were not stated, but tacitly assumed, that the development of this area in the medium term and will allow sales to foreign markets.
However, after a few years of trading, it became clear, that to enter the foreign market is still very, very far away: yet to be resolved even all internal trade in gas. And for the international market needs and tolerance for export to other fuel producers, issues with the correct calculation of export duties, and more. It remains debatable issue of possible dumping in competition between Russian manufacturers. in short, the use of existing gas exchanges for sale abroad - the question is extremely remote prospect.
In the same time, for reasons, the above, and delay the creation of its own stock exchange or a platform for export sales can not be.
so, since September last year "Gazprom" sells gas to Europe part of the new channel: through its own electronic trading platform (ETP). Strictly speaking, the first auction, called gas auctions, We passed a little earlier, but the most standardized version of ETP was earned from September.
Since then, the site has sold over two billion cubic meters, and sales are growing rapidly. January eighteenth been implemented 72 million cubic meters, which corresponds to an annual rate 26 billion cubic meters (13% of all exports)! true, a day later a multiple shipments fell - while "Gazprom" fully satisfies the application of long-term contracts, demand for gas ECD is heavily dependent on weather. At the same time increasing delivery times and options. If the first auction took place in the "delivery in the current or next quarter", now it began selling in the short-term conditions: The day-ahead, delivery for weeks or months.
Supply of the gas is carried out on various European hubs gas and / or gas Trade Zone. Price "Gazprom" indicators have not been disclosed, it is understandable: the volume is still relatively small, and given, that they are also "washed out" at different points and terms, understandably, that advertise representative price indicators is still early. But the statistics in terms of sales is regularly published on the website of the company "Gazprom export".
Anyway, the story of the new trading platform is just beginning, and its development has a keen interest. For example, world famous price agency Platts, Published in the open access on a daily basis just a few gas news from around the world, regularly within this collection pays attention to the news for trading on the electronic trading of "Gazprom".
ETP "Gazprom" may be a good, and although it is a palliative solution to create its own gas trading system. After conducted auctions in essence not much different from stock trading, just on the supply side, one player stands. But the absence of other players from sellers, as well as lack of financial derivatives, offset by the impact of external price targets (the price of the very European gas hubs and exchanges), which in any case until the "Gazprom" has to navigate at exhibiting their proposals. How does this happen, now seen.
For example, in early autumn prices for European hubs were significantly higher exhibited contracts pegged to oil. As a result, buyers selected the maximum volumes under long-term contracts, and for further went on ETP, where prices were higher than gas prices over the long term, but below European prices for gas exchange. probably, so it was able to quickly "roll out" a new form of trade.
In the near future the situation may be reverse - spot prices in Europe are lower gas prices for contracts with "oil" bound. In this case, buyers will opt for smaller contracts (minimum amounts of "take-or-pay" amount to about 80 percent of the total contract volume), and for others to come to a new platform, where prices fall below the contractual.
Of course, "Gazprom" has long traded on the European gas markets and hubs (through its trading division) like his, and gas stranger. But why sell all the oil on foreign exchanges (thereby strengthening their, and therefore, making it more difficult to create its own exchange), if it is possible to carry out part of the volumes through its own trading platform.
Anyway, obviously, that under the withering away of the "oil" of gas pricing and the emergence of price targets based on gas exchanges to create its own trading floor for Russian, the largest supplier of gas to Europe, important task. Besides, if you renew the long-term contract for sale with a particular country will not work, always be needed to implement the country amounts under the ETP.
At the same time we must understand, that we are only at the beginning of this long, but the desired path. In stock we have 10-15 years: old "oil" gas contracts will expire slowly and gradually. But the process of establishing its own liquid gas trade is not very fast, as can be seen in terms of stock exchange trading in Europe: there needed to do more than a decade. In the medium term - if the dream - you can talk about fuel sales abroad in rubles (It is now trading on the ETF held in euros, but not in dollars) and / or a possible admission of other market participants by the seller. That is, the creation of full-fledged Russian stock exchange trading for delivery in Europe and settlements in rubles.
Alexander Sobko
