Energy Broking Ireland
Energy Broking Ireland (EBI) is offering a local broking service to wholesale buyers and sellers of gas at the Irish Balancing Point (IBP), using an electronic trading platform with the option of voice broking.
EBI provides its service through a leading-edge electronic Broker Trading System, which is used in over the counter (OTC) and exchange trading worldwide and has a particularly strong presence in the trading of OTC gas and power products across Europe.
Many of the largest buyers and sellers of gas in Ireland have signed up to use the EBI trading platform. These buyers will be able to buy and sell on the platform and can also use it to easily source gas from local gas production. Whilst there are long term gas sales contracts in Ireland, the commencement of this new electronic trading system enables buyers and sellers to cost effectively trade with each other at the Irish Balancing Point (IBP), balancing every day, on a real-time basis, their gas demand and gas supplies.
By posting volumes and prices on the trading platform, gas buyers and sellers in Ireland can more efficiently manage their gas portfolios. In line with the experience in other markets, the resultant development of a wholesale price for natural gas at the IBP should ultimately benefit Irish consumers.
The initial primary products offered on the trading platform will be focused on prompt trading to facilitate matching gas supply and demand.
Energy Broking Ireland (EBI) was formed to provide a service to Irish gas market participants who are looking to respond to the rapidly changing market conditions. The market changes are driven by increasing volatility in gas demand due to growing wind generation, gas production from the Corrib field and European legislative requirements.
Over the last 15 years, the formation of the gas price in Ireland has been relatively stable and set as a function of the UK NBP price plus transportation costs to Ireland. We believe that the indigenous supplies from the Corrib gas field, the move towards shorter term entry capacity bookings and the growing penetration of wind generation creates the need for buyers and sellers of gas to access a local wholesale market price for natural gas. This in turn will create value for both buyers and sellers of gas.
The directors of EBI are Dermot O’Kane and Martin Regan who have spent their careers in the oil and gas and electricity industries, both in Ireland and overseas.