While the recent Council of the European Union Regulation (2022/2576) on gas solidarity mandates the Agency for the Cooperation of Energy Regulators (ACER) to provide a daily assessment of liquefied natural gas (LNG) prices since 13 January, ACER is not alarmed by the lack of data preventing it from establishing a European benchmark for LNG.
“The first days have not resulted in sufficient data (...) This was an expected outcome, given that the market for spot LNG transactions into the EU is highly illiquid, and thus differs significantly from the market for gas traded at exchanges such as TTF”, the organisation’s spokeswoman, Una Shortall, told EUROPE on Tuesday 17 January, while recalling that LNG contracts are not standardised.
She also pointed out that LNG market players have registered on the platform set up by ACER and are making declarations, as required by Regulation 2022/2576 adopted 19 December last year (see EUROPE 13087/1, 13071/2).
She added: “In order to raise awareness, ACER will continue to keep in touch and consult with the industry on how to report LNG market data to ACER”.
For its part, the European Commission has indicated that it is counting on ACER to implement the regulation.
The text provides for the LNG benchmark developed by ACER to be published by 31 March. (Original version in French by Damien Genicot)