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Italy to launch natural gas balancing system in July

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Mud Chemicals

Italian energy regulatory authority AEEG late Monday said it was introducing a new gas harmonizing system on July 1.

The system is meant to serve as a system for gas operators and also investors to take care of the quantity of gas that they infuse as well as withdraw from the nation's grid network.

If any type of market gamer does not appreciate the equilibrium of gas in the system-- such as taking out more than it injects or the other way around-- it will certainly be penalized up until the balance is brought back.

The harmonizing platform is to be organized by the power exchange operator Gestore dei Mercati Energetici (GME) while the harmonizing abilities are to be managed by Italy's gas grid operator Snam Rete Gas.

Presently Snam Rete Gas balances the system daily by withdrawing gas from storage or by infusing gas into storage space.

With the brand-new system, market individuals will certainly be needed to report their positions daily to the GME and will certainly be anticipated to stabilize the system with intraday trading.

irooildrilling would alter the existing balancing system with a market-based one, where the requirements for ensuring a gas equilibrium is done on a finest deal basis as opposed to entrusting the duty to Snam.

"The birth of a balancing market is a necessary aspect to promote competitors in the nationwide gas system and for the growth of a fluid as well as competitive wholesale gas market, identified by the existence of cost signals that reflects the value of gas for stabilizing purposes," AEEG head of state Guido Bortoni said in a declaration Monday.

"All of this without discriminating in between operators in terms of their storage availability as well as eliminating all barriers, [is] to allow a more vibrant as well as competitive playing area for all interested events," he included.

The balancing system was expected to be released on April 1, in line with the European Payment's '3rd package' of standards for energy markets, but was delayed when Italy's Economic Development Ministry did not provide the AEEG with enough guidance to produce the system.
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on Jun 19, 20