Hub Score NBP. 2 Fully firm through OTD market 2 2. TSO Credit arrangements non punitive Previously instituted, no longer required

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1 Analysis

2 Hub Score NBP Responsible party What should be done guideline for assessment Score 24 Comments 24 Score 25 Comments 25 Score 26 Comments 26 UNC governance, transmission workstreams if set up and English for Entry Exit with a single if shippers' short/long positions can be traded out traded at ) if trade without signup to if not firm; /2 if firmness managed by ; if Backup-Back-down; Liquidity has dropped, but it has not gone backwards on any of the steps. Entry-exit with single 2 Fully firm through OTD market 2 2 Credit arrangements non punitive comparison with the ) Agree regulatory jurisdiction if cross border s ½ for release etc; if market role defined; 2 gov nce ; if not cross if price always available; ½ if if specialised contract 2 Previously instituted, no longer required role in Transp Licence; APX in Fin Reg 2 2 Single jurisdiction under Ofgem SMP clearly defined on every day NBP 97 2 if several, if only one PRA 2 Platts, ICIS Heren, Argus 2 2 /2 if only or 2; if several ½ if voice or few ; if if exchange appointed and if parties frequently Several brokers through Traypoirt ICE NBP globally traded Total Total Liquidity has dropped, but it has not gone backwards on any of the steps.

3 Hub Score TTF Responsible party What should be done guideline for assessment Score 24 Comments 24 Score 25 Comments 25 Score 26 Comments 26 if set up and English Shippers day, GEN, but not in consultation still consultation still ½ English mainly in Dutch mainly in Dutch without physical delivery, usually by transfer between balancing groups) traded at ) for Entry Exit with a single if trade without signup to if not firm; /2 if firmness managed by ; if Backup-Back-down; Entry-exit with single,5 Bid ladder and OTC market to merge 2 the new balancing regime is more market based than the bidladder system of the past Credit arrangements non punitive ½ for release etc; if market comparison with the ) Agree regulatory jurisdiction if cross border s role defined; 2 gov nce ; if not cross if price always available; ½ if if specialised contract No longer required 2 Defined in Gas Act 2 2 Single jurisdiction under ACM Price established by market or EFET Appendix 2 if several, if only one PRA 2 Platts, ICIS Heren, Argus 2 2 /2 if only or 2; if several ½ if voice or few ; if if exchange appointed and if parties frequently Several brokers through Trayport Endex TTF increasingly used as reference Total 9 9,5 9,5 2

4 Hub Score Zee beach Responsible party What should be done guideline for assessment Score 24 Comments 24 Score 25 Comments 25 Score 26 Comments 26 if set up and English Zee hub group; Fluxys shipper meetings, IUK without physical delivery, usually by transfer between balancing groups) traded at ) for Entry Exit with a single if trade without signup to if not firm; /2 if firmness managed by ; if Backup-Back-down; Physical hub, entry-exit in discussion Credit arrangements non punitive ½ for release etc; if market comparison with the ) Agree regulatory jurisdiction if cross border s role defined; 2 gov nce ; if not cross if price always available; ½ if if specialised contract No longer required 2 Defined in Gas Act and Fin reg 2 2 Single jurisdiction under CREG n/a Price established by market Zee 2 if several, if only one PRA 2 Platts, ICIS Heren, Argus 2 2 /2 if only or 2; if several ½ if voice or few ; if if exchange appointed and if parties frequently Several brokers through Trayport Endex Losing liquidity Total Physical hub. Wheeling service available back up/down service (24/5 revised accordingly - has been 2)

5 Hub Score ZTP Responsible party What should be done guideline for assessment Score 24 Comments 24 Score 25 Comments 25 Score 26 Comments 26 if set up and English Fluxys shipper meetings for Entry Exit with a single Fluxys terms traded at ) if trade without signup to if not firm; /2 if firmness managed by ; if Backup-Back-down; 2 based 2 2 Credit arrangements non punitive comparison with the ) Agree regulatory jurisdiction if cross border ½ for release etc; if market role defined; 2 gov nce ; if not cross if price always available; ½ if if specialised contract No longer required 2 Defined in Gas Act and Fin reg 2 2 Single jurisdiction under CREG Price established by market EFET master only 2 if several, if only one PRA 2 Limited liquidity 2 2 Liquidity at the ZTP has picked up slightly comared to 24 s /2 if only or 2; if several multiple market s from st April 25, however, these s are on the ZTP(L) hub ½ if voice or few ; if Several brokers through Trayport if exchange appointed and Limited liquidity Liquidity at the ZTP has picked up slightly comared to 24 if parties frequently Limited liquidity Total 6 7,5 8

6 Hub Score NCG Responsible party What should be done guideline for assessment Score 24 Comments 24 Score 25 Comments 25 Score 26 Comments 26 Closed meetings, some if set up and English consultation, German Most consultation in still most consultation only DE, but at least docs documents in in EN German only for Entry Exit with a single Low/High cal markets not fully integrated Trading of Low/High cal not fully integrated L/H separation most likely to persist until final depletion if trade without signup to traded at ) if not firm; /2 if firmness managed by ; if Backup-Back-down; 2 based 2 based 2 Credit arrangements non punitive comparison with the ) Agree regulatory jurisdiction if cross border s ½ for release etc; if market role defined; 2 gov nce ; if not cross if price always available; ½ if if specialised contract None Not necessary anymore 2 Defined in EnWG 2 Defined in EnWG 2 Single jurisdiction under BNetzA Price established by market Single jurisdiction under BNetzA Price established by market EFET master only EFET master only 2 if several, if only one PRA /2 if only or 2; if several ½ if voice or few ; if if exchange appointed and if parties frequently Several brokers through Trayport Several brokers through Trayport EEX EEX EEX Some requests yes, on request standard within Germany Total 5,5 9 9 still no appendix for NCG Several brokers through Trayport on request

7 Hub Score Gaspool Responsible party What should be done guideline for assessment Score 24 Comments 24 Score 25 Comments 25 Score 26 Comments 26 Closed meetings, some if set up and English consultation, German Most consultation in still most consultation only DE, but at least docs documents in in EN German only for Entry Exit with a single Low/High cal markets not fully integrated Trading of Low/High cal not fully integrated L/H separation most likely to persist until final depletion of penalty in /MWh) if trade without signup to traded at ) if not firm; /2 if firmness managed by ; if Backup-Back-down; 2 based 2 based 2 Credit arrangements non punitive ½ for release etc; if market None Not necessary anymore role defined; 2 gov nce comparison with the ) 2 Defined in EnWG 2 Defined in EnWG 2 Agree regulatory jurisdiction if cross border s as benchmark ; if not cross if price always available; ½ if if specialised contract Single jurisdiction under BNetzA Price established by market Single jurisdiction under BNetzA Price established by market EFET appendix EFET appendix EFET appendix 2 if several, if only one PRA /2 if only or 2; if several or not necessary any more ½ if voice or few ; if systems and many if exchange appointed and if parties frequently Several brokers through Trayport Several brokers through Trayport EEX EEX EEX Not yes, on request standard within Germany Total Several brokers through Trayport on request

8 Hub Score PEGs Responsible party What should be done guideline for assessment Score 24 Comments 24 Score 25 Comments 25 Score 26 Comments 26 GRTgaz, Concertation Gaz if set up and English Group set up, meetings in French but usually slides in English Group set up, meetings in French but usually slides in English ; open access to documents after registration on the Concertation gas platform for Entry Exit with a single Multiple s, Lo/Hi cal mkts not fully integrated Not yet a single EE system but merger of South zones + merger of North H and L-Cal zones beneficial Not yet a single EE system but merger of South zones implemented, although only superficially, planned in 28 + merger of North H and L-Cal zones beneficial of penalty in /MWh) if trade without signup to New module contract introduced in 23 (?) allows trading without signing up to all New module contract introduced in 23 (?) allows trading without signing up to all traded at ) if not firm; /2 if firmness managed by ; if Backup-Back-down; 2 based 2 2 Credit arrangements non punitive ½ for release etc; if market None At least as GDF SUEZ have been subject to capacity and gas release programs. Not a market though At least as Engie have been subject to capacity and gas release programs. Not a market though role defined; 2 gov nce comparison with the ) Agree regulatory jurisdiction if cross border s ; if not cross if price always available; ½ if if specialised contract 2 and PowerNext 2 2 Single jurisdiction under CRE Price established by market EFET appendix 2 if several, if only one PRA /2 if only or 2; if several or not necessary any more not required ½ if voice or few ; if Several brokers through Trayport Everything is on trayport, but you can use also powernext s platform. Most brokers active at the PEGs Everything is on trayport, but you can use also powernext s platform. Most brokers active at the PEGs as benchmark if exchange appointed and if parties frequently PowerNext Not Index are reliable, and many customers use it for invoicing purposes Total 6 6,5 8,5 Index are reliable, and many customers use it for invoicing purposes

9 Hub Score AU (CEGH) Responsible party What should be done guideline for assessment Score 24 Comments 24 Score 25 Comments 25 Score 26 Comments 26 Frequent CEGH consultation CEGH in English, but e-control and if set up and English Ministry not entirely; was in 25 and 4 for Entry Exit, for a single but limited transfer between transit /domestic NTS vs. DZ without physical delivery, usually by transfer between balancing groups) revised assessment: no option for financial settlement (ex ante balancing); was in 25 and 4 traded at ) if trade without signup to if not firm; /2 if firmness managed by ; if Backup-Back-down; Credit arrangements non punitive ½ for release etc; if market comparison with the ) Agree regulatory jurisdiction if cross border s role defined; 2 gov nce ; if not cross if price always available; ½ if if specialised contract Limited arrangements for nonphysical traders Firmness limited Mandatory exchange prohibits smaller cos None Complex split role CEGH / AGCS / GCA / WB Single jurisdiction under Econtrol Price established by market/ EFET appendix 2 if several, if only one PRA /2 if only or 2; if several ½ if voice or few ; if if exchange appointed and if parties frequently Several brokers through Trayport Wiener Borse Not Total 3 3 3,5 complex, not sufficiently unbundled market structure

10 Hub Score PSV Responsible party What should be done guideline for assessment Score 24 Comments 24 Score 25 Comments 25 Score 26 Comments 26 if set up and English Tavola, but short notice and Italian only for Entry Exit with a single Single without physical delivery, usually by transfer between balancing groups) if trade without signup to if not firm; /2 if firmness managed by ; if Backup-Back-down; Firmness still controlled by managed, not fully market based traded at ) Credit arrangements non punitive Mandatory exchange prohibits smaller cos ½ for release etc; if market Previous gas release, some ENI participation release measures role defined; 2 gov nce comparison with the ) SRG/GME tbc by TF Italy; letter to AEEG on lack of governance Agree regulatory jurisdiction if cross border ; if not cross Single jurisdiction under AEEG if price always available; ½ if Yes but illiquid/unreliable EFET MTA Appendix to be updated. if specialised contract EFET appendix but not used 2 if several, if only one PRA Limited 2 2 /2 if only or 2; if several s ½ if voice or few ; if Limited if exchange appointed and GME/Mgas/Pgas/Mtgas the situation slightly improved this year as EEX launched PSV financial futures, even though they are still early stage and liquidity is low some contracts indexed to the MAGI index published by Italian PRA Alba Soluzioni and generally PSV indices are a good reflection of the market fundamentals. TTF is still considered if parties frequently Not for the regulated tariff for protected customers. However, the Authority intends to evaluate the opportunity to consider the PSV as price benchmark, in so far as the PSV will reach given liquidity and reliability levels. They intend to design a precise roadmap in this sense. Total 5 5

11 Hub Score PVB Responsible party What should be done guideline for assessment Score 24 Comments 24 Score 25 Comments 25 Score 26 Comments 26 if set up and English Consultation discontinued not in English without physical delivery, usually by transfer between balancing groups) traded at ) for Entry Exit with a single if trade without signup to for full product range if not firm; /2 if firmness managed by ; if Backup-Back-down; Single, but trading at storage and LNG Firmness still controlled by trading is still fragemented between and LNG terminals relevant Master Contract entered into into force from October Credit arrangements non punitive High exposures ½ for release etc; if market or not needed anymore None not needed anymore defined Role of Hub operator (what comparison with the ) role defined; 2 gov nce Undefined legislation finalised in July Agree regulatory jurisdiction if cross border ; if not cross Single jurisdiction under CNMC Currently, each country has its own contract to book capacity. A bundled contract should be created, a single contract to book capacity on both sides. PRISMA is pushing for this initiative. if price always available; ½ if Deemed if specialised contract EFET appendix s 2 if several, if only one PRA Limited 2 HEREN, ARGUS /2 if only or 2; if several ½ if voice or few ; if if exchange appointed and Limited if parties frequently Not Total 7 7 3,5 ICAP, TulipPrebon, CIMD, IberianGasHub,

12 Hub Score Mibgas Responsible party What should be done guideline for assessment Score 24 Comments 24 Score 25 Score 252 Score 26 Comments 26 if set up and English Consultation discontinued for Entry Exit with a single In discussion no title transfer yet of penalty in /MWh) traded at ) if trade without signup to if not firm; /2 if firmness managed by ; if Backup-Back-down; marketbased Firmness still controlled by Firmness still controlled by Credit arrangements non punitive Not established Not established comparison with the ) Agree regulatory jurisdiction if cross border s as benchmark ½ for release etc; if market role defined; 2 gov nce ; if not cross if price always available; ½ if if specialised contract None None Undefined Undefined In discussion In discussion No No 2 if several, if only one PRA /2 if only or 2; if several ½ if voice or few ; if if exchange appointed and if parties frequently Total 2

13 Hub Score CZ Responsible party What should be done guideline for assessment Score 24 Comments 24 Score 25 Comments 25 Score 26 Comments 26 Established process in local ; some documents published in English if set up and English Established process in local ; almost all documents published in English (almost!) /2 for Entry Exit; if a single Yes distinction vs OTE not precise EE already establisht for some time Yes yes Balancing in kind; rules are complex, cashout can be expensive, not very liquid / matching difficult. ex-post balancing cash out principles applied from mid 26 if trade without signup to Must sign up as physical to our understanding one needs to be registered beside also at OTE for Trading CZ, but E/E Capacities do not neccessarily be contracted contract with and operator reguired, physical flow not required traded at ) if not firm; /2 if firmness managed by ; if BUBD; Firmness still controlled by balancing prlatform existent, but magnitude of balancing and liquidity still to be improved Credit arrangements non punitive Not established comparison with the ) Agree regulatory jurisdiction if cross border s ½ for release etc; if market role defined; 2 gov nce ; if not cross if price always available; ½ if if specialised contract No gas release, no market obligation OTE market operator for power and gas Currently national market; regional in discussion distinction vs OTE not precise, stricter interpretation this year No EFET, No Czech appendix EFET Gas Master, without appendix balancing prlatform existent, but magnitude of balancing and liquidity still to be improved No gas release, no market obligation cleare role of and operator (OTE), one operator for power and gas no CZ index, NCG or Gaspool index mainly used EFET Gas Master, without appendix 2 if several, if only one PRA Heren, Platts and Argus Heren, +?? Heren, Argus ½ if voice or few ; if Yes, one exclusively for PXE; CEZ, MND, RWE, Vemex active Yes, but exclusively for PXE; 42F, ICAP, TFS 42FS, TFS, ICAP if exchange appointed and PXE CEEG since 2/23 but illiquid CEGH Czech Gas Spot launched on 4 May EEX took over PXE, liquitidity rather shallow, EEX members are going to get access to PXE if parties frequently No Total 8 8,5 9,5 no CZ index, NCG or Gaspool index mainly used

14 Hub Score SK Responsible party What should be done guideline for assessment Score 24 Comments 24 Score 25 Comments 25 Score 26 Comments 26 if set up and English not in English consultation proces established in some cases, just some document in English /2 for Entry Exit; if a single Domestic / Transit separated domestic existent EE established, 2 title transfer points, split between domestic and transit system Yes but only at SK ex post balancing, hybrid model but cash out applied, long short positions set to certain limit (limits should be reflected in scoring) traded at ) if trade without signup to if not firm; /2 if firmness managed by ; if Backup-Back-down; tbd Firmness still controlled by back-up-back-down Credit arrangements non punitive Not established comparison with the ) Agree regulatory jurisdiction if cross border ½ for release etc; if market role defined; 2 gov nce ; if not cross if price always available; ½ if if specialised contract None Undefined = Hub Operator, role defined No no * EFET Gas Master, without appendix must sign up as physical back-up-back-down but to certain limit no gas release, no MM = Hub Operator, role defined EFET Gas Master, without appendix 2 if several, if only one PRA Heren, Argus s no ½ if voice or few ; if if exchange appointed and 42F on Trayport, but only few 42 FS, TFS no if parties frequently no, CEGH, NCG or TTF index used Total 3,5 7 8

15 Hub Score Greece Responsible party What should be done guideline for assessment Score 24 Comments 24 Score 25 Comments 25 Score 26 Comments 26 if set up and English for Entry Exit with a single Under discussion there is consultation procedure but not in English there is e/e system with a Virtual Nomination Point (VNP) without physical delivery, usually by transfer between balancing groups) at VNP title transfer occurs Long / short positions are cashed out at the e.o.d.; should user s imbalance beyond pre-set tolerance punitive pricing is applied (use of tolerance should be reflected; 24 and 25 revised accordingly) if trade without signup to Not accessible to nonphysical traders traded at ) if not firm; /2 if firmness managed by ; if Backup-Back-down; Allocated as nominated firmness is managed by firmness managed by Credit arrangements non punitive Not established Not established ½ for release etc; if market comparison with the ) Agree regulatory jurisdiction if cross border role defined; 2 gov nce ; if not cross Gas release % of imports prob at VTG Desfa runs ; HO not defined gas release program gas release program runs VNP, without specific rules/there is no hub operator there is no cross border transactions at VNP runs VNP, rules specified by network code once approved by no cross border jurisdiction if price always available; ½ if Imbalance published with 3 month delay No contract financial settlement takes place s if specialised contract No EFET Master Contract 2 if several, if only one PRA no price reporting agency /2 if only or 2; if several ½ if voice or few ; if no daily transactions no brokers if exchange appointed and not established (Regulatory Authority has recently awarded a study about the gas exchange establishment) if parties frequently no index benchmark Total 4,5 5,5 5,5

16 Hub Score GTF Responsible party What should be done guideline for assessment Score 24 Comments 24 Score 25 Comments 25 Score 26 Comments 26 if set up and English? for Entry Exit with a single traded at ) if trade without signup to if not firm; /2 if firmness managed by ; if Backup-Back-down;? 2 Credit arrangements non punitive comparison with the ) Agree regulatory jurisdiction if cross border s as benchmark ½ for release etc; if market role defined; 2 gov nce ; if not cross if price always available; ½ if if specialised contract Gas release Energienet/dk 2 2 if several, if only one PRA Too small /2 if only or 2; if several or not necessary any more ½ if voice or few ; if systems and many if exchange appointed and if parties frequently?? ½ Total 9 4

17 Hub Score Turkey Responsible party What should be done guideline for assessment Score 24 Comments 24 Score 25 Comments 25 Score 26 Comments 26 if set up and English Petform+EFET consultation stopped for Entry Exit with single Under discussion reassessment traded at ) if trade without signup to if not firm; /2 if firmness managed by ; if Backup-Back-down; reassessment managed by BOTAS Credit arrangements non punitive comparison with the ) Agree regulatory jurisdiction if cross border s ½ for release etc; if market role defined; 2 gov nce ; if not cross if price always available; ½ if if specialised contract ½ BOTAS ½ Proposed, unclear if adopted 2 if several, if only one PRA ½ Limited HEREN /2 if only or 2; if several ½ if voice or few ; if systems and many if exchange appointed and Draft legislation designate EPİAŞ and Borsa Istanbul as organized wholesale market operators Draft legislation designate EPİAŞ and Borsa Istanbul as organized wholesale market operators EPIAS announced in May that gas spot market will be launched till end of year if parties frequently Total 5,5 5 4

18 Hub Score HVP HU Responsible party What should be done guideline for assessment Score 24 Comments 24 Score 25 Comments 25 Score 26 Comments 26 if set up and English Some presentations in 22 in Re CAM and BAL NC there English, but stopped; Hungarian were consultations workshops. Capacity auctioning still intransparant, Technically there is one in Hungary, for Entry Exit with a single E-E has two s depending on your licence from July st due to the launch of SK-HU interconnector a new MGP and MGP2, merged only in Oct 26 might be launched. Advise to ask as the score might be 2 here. Limited trading license can be acquired with a valid EU certificate. On the virtual point of Hungary (MGP) title transfer gas can be traded, this is being traded on Title transfer limited by licence CEEGEX since January st, tbc 23. If the question is whether TT exists, it is a solid yes. Balancing groups do not exists, the whole country is one balancing group managed by the. Limited access to balancing system for int l /en/fgszelszamoloar if trade without signup to Ineffective Ineffective tbc traded at ) if not firm; /2 if firmness managed by ; if BUBD; CEEGEX firm; new trades suspended if crisis, balancing market illiquid and inaccessible CEEGEX firm; new trades suspended if crisis, balancing market illiquid and inaccessible illiquid gas-x, FGSZ trading some STPS on separate trading platform; no withinday title product Credit arrangements non punitive Strict credit requirements Strict credit requirements similar to AU ½ for release etc; if market Release programme ended Technically there are market s at CEEGEX. Gas release program was in place in the past. role defined; 2 gov nce comparison with the ) FGSZ runs vtp and balancing; CEEGEX; understood but not clearly defined new legislation implemented in October 6 Agree regulatory jurisdiction if cross ; if not cross border Not applicable n.a. n.a. Since January st, 23, CEEGEX provides index/reference/settlement if price always available; ½ if CEEGEX publishes price which could be used price for spot and futures market products. provides balancing price. SMP BAL NC based balancing prices will be applicable from October st, 25. if specialised contract EFET master not widely used tbd (EFET Gas Master used?) EFET master not widely used EFET MTA without appendix, is frequently used 2 if several, if only one PRA None None tbc Three (Axpo, Jas, s /2 if only or 2; if several One (Axpo) Three (Axpo, Jas, MET) for SPOT products MET) for SPOT products; RWEST for futures ½ if voice or few ; if Small voice brokers (42FS), no int l or systems Small voice brokers (42FS), no int l or systems if exchange appointed and Yes, early establishment, illiquid hub illiquid hub illiquid as if parties frequently benchmark No No Total 5 6,5 9

19 Hub Score RO Responsible party What should be done guideline for assessment Score 24 Comments 24 Score 25 Comments 25 Score 26 Comments 26 if set up and English for Entry Exit with a single Entry - exit transport capacity booking in place as of August st groups of entry points in place and 4 groups of exit points, each group with its separate tariff. Still, currently, no allocation/balancing made on entry /exit points, thus, entry - exit system not completely functional. Entry/exit capacity sold at BG/RO IP but implicitly allocated at RO/UA IP. No yet No HuB, no title transfer of penalty in /MWh) Some form of daily balancing was implemented from st Nov but it is not clear excatly how this works and it seems to invlove ex-post trading of imbalances compared to daily cash -out if trade without signup to traded at ) if not firm; /2 if firmness managed by ; if BUBD; No hub in place; furthermore, not even a balancing market accessible; if built, such hub would be useful not only for regular trades but, also, for balancing purposes and coverage of peaks in case of daily consumption peaks. Credit arrangements non punitive ½ for release etc; if market role defined; 2 gov nce comparison with the ) Agree regulatory jurisdiction if cross border ; if not cross s and s are talking to each other more about cross-border issues and operation, including under the auspices of CESEC. s as benchmark if price always available; ½ if if specialised contract Being discussed 2 if several, if only one PRA /2 if only or 2; if several or not necessary any more ½ if voice or few ; if if exchange appointed and if parties frequently Total 2,5,5 2

20 Hub Score Bulgaria Responsible party What should be done guideline for assessment Score 24 Comments 24 Score 25 Comments 25 Score 26 Comments 26 Document released in Bulgarian if set up and English No recent consultations held for Entry Exit with a single if trade without signup to traded at ) if not firm; /2 if firmness managed by ; if Backup-Back-down; Credit arrangements non punitive ½ for release etc; if market comparison with the ) Agree regulatory jurisdiction if cross border s role defined; 2 gov nce ; if not cross if price always available; ½ if if specialised contract Being discussed 2 if several, if only one PRA /2 if only or 2; if several ½ if voice or few ; if if exchange appointed and if parties frequently IBEX Total,5,5

21 Hub Score PL Responsible party What should be done guideline for assessment Score 24 Comments 24 Score 25 Comments 25 Score 26 Comments 26 Limited discussion, Polish Generally good and mostly in if set up and English English. Some concern about whether consultations are genuinely considered and lack of due process Firstly, score has rebalanced to max score of. PL has two s, one with single. /2 for Entry Exit; if a single in Gas System, one in Yamal, though this is a delivery point rather than a trading point. Also seperate L- Gas area. Can't trade imbalances. Balancing groups are possible but rarely used. balancing period against payment of penalty in Settlement period is not daily, but can cash out /MWh) (to if trade without signup to trade gas you do not require to flow gas physically from entry to if not firm; /2 if firmness flows managed by ; if Backup-Back-down; 2 if in case not enough gas is traded at fully Unclear how balances the system ) Credit arrangements non punitive Procedure is unclear, but not too onerous PGNiG is market on own volition, rather than mandated. PGNiG as buyer operates at arms gas release programs, transport capacity release programs, market ½ for release etc; if market length from retail division and volumes are offered (and bought as part of international companies' obligations, etc.) portfolios) via the exchange. But PGNiG still super-dominant, due to SOS obligations etc. comparison with the ) role defined; 2 gov nce 2 Agree regulatory jurisdiction if cross border ; if not cross hub if price always available; ½ if for contract settlement There is a published reference price which is derived from the spot price All big players if specialised contract In progress (trading companies and very big offtakers) use EFET standard the hub 2 if several, if only one PRA Trades almost exclusively done through exchange. This seems not relevant here. s /2 if only or 2; if several Two market s but very little OTC. ½ if voice or few ; if Polish (Courtesy of power trading no international brokers yet) not very active as almost all trading goes via the exchange. if exchange appointed and Mostly used by PGNIG and its distribution co s Normally exchange is reasonably liquid, but not always reliable. PGNiG share of activity has reduced from 9% to 5-55% as benchmark if parties frequently Total 4,5 5,5 9,5