Optimización del coste de aprovisionamiento de gas en el mercado mayorista español para una comercializadora

Los precios de compra de gas natural en el mercado mayorista español son los más altos de toda Europa. Este escenario provoca que haya que buscar alternativas para minimizar los costes de aprovisionamiento para una comercializadora de gas. En este proyecto se analizan distintas oportunidades de compra de gas en los mercados europeos y su importación al sistema gasista español para el suministro final a clientes, con el fin de optimizar los costes del gas natural para una comercializadora. En la búsqueda de nuevas oportunidades se incluye también un análisis del impacto económico en el mercado, de la producción de “shale gas” en España a medio - largo plazo. ABSTRACT The gas prices in the Spanish gas market are the highest in Europe. This scenario leads the Spanish gas trading companies to look for alternatives to minimize gas supply costs. In this project it is analyzed different opportunities of gas supply in the European markets and the gas import to the Spanish gas system, in order to optimize the costs of the natural gas for a gas trading company. Along with this, it is also studied, the economic impact of the “shale gas” production in Spain in a medium - long term on the Spanish gas market

Evaluation of the trading development in the Iberian Energy Derivatives Market

The efficiency of the Iberian Energy Derivatives Market in its first five and a half years is assessed in terms of volume, open interest and price. The continuous market shows steady liquidity growth. Its volume is strongly correlated to that of the Over The Counter (OTC) market, the amount of market makers, the enrolment of financial agents and generation companies belonging to the integrated group of last resort suppliers, and the OTC cleared volume in its clearing house. The hedging efficiency, measured through the ratio between the final open interest and the cleared volume, shows the lowest values for the Spanish base load futures as they are the most liquid contracts. The ex-post forward risk premium has diminished due to the learning curve and the effect of the fixed price retributing the indigenous coal fired generation. This market is quite less developed than the European leaders headquartered in Norway and Germany. Enrolment of more traders, mainly international energy companies, financial agents, energy intensive industries and renewable generation companies is desired. Market monitoring reports by the market operator providing post-trade transparency, OTC data access by the energy regulator, and assessment of the regulatory risk can contribute to efficiency gains.