The Irish gas wholesale market will now benefit from the introduction of electronic buying and selling of natural gas at the wholesale level. This type of trading takes place in many other countries in Europe, helping to increase gas price transparency and reducing the cost of matching gas demand and supply. The start of production from the Corrib gas field coupled with the increasing amounts of wind generation on the electricity system means that balancing gas supply and demand in Ireland is becoming more challenging for both buyers and sellers.
Most of the largest buyers and sellers of gas in Ireland have signed up to use the Energy Broking Ireland (EBI) trading platform, which enables buyers to easily source gas from local gas producers. Whilst there are long term gas sales contracts in Ireland, the posting of gas quantities and prices on the new electronic trading system enables buyers and sellers to cost effectively trade with each other, balancing every day, on a real-time basis, their gas demand and gas supplies.
In line with the experience in other markets, the resultant development of a wholesale price for natural gas at the Irish gas trading point (called the Irish Balancing Point) should ultimately benefit Irish gas consumers.
EBI has worked closely with the Irish gas industry over the last year in developing standard trading terms and developing products that are sculpted for the Irish gas market.
The electronic trading platform employed by Energy Broking Ireland is provided by Trayport, the leading provider of technology used in over-the-counter (OTC) and exchange trading worldwide, which has a particularly strong presence in the trading of OTC European gas and power products. This is the first time that an electronic trading platform has been offered to large gas buyers and gas producers in Ireland.
Media Contacts: Energy Broking Ireland – 00 353 (0) 1 531 0754
About Energy Broking Ireland Limited
Energy Broking Ireland (website: www.EBI.ie) is offering a local over the counter ‘OTC’ 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.