Danish as well as German competition authorities have now approved Energinet.dk’s sale of half its shares in Gaspoint Nordic to EEX.
On Friday, 28 November 2014, the Danish Competition and Consumer Authority announced that it will approve Energinet.dk’s sale of half its shares in the gas exchange Gaspoint Nordic to Germanowned European Energy Exchange (EEX). The German Federal Cartel Office has also given their approval. The sale is now final and becomes effective as of 1 January 2015. As of next year, Energinet.dk and EEX will have joint ownership of Gaspoint Nordic, each owning 50 per cent of the shares.
“One of Energinet.dk’s tasks is to contribute to ensuring that optimum conditions for competition in the markets for trade in natural gas are achieved. With EEX as coowner, it will be possible to continue developing the gas exchange and consequently the gas market”, says Energinet.dk’s Torben Brabo, Senior Vice President, Gas Market and Operation.
Brabo further emphasised that the development of the gas market is one of six specially selected focus areas described in Energinet.dk’s strategy for the coming years. Since October 2014, clearing and settlement of the transactions concluded on the Danish gas exchange is provided by European Commodity Clearing (ECC), the clearing house of EEX Group.
“The introduction of clearing services for Gaspoint Nordic on a 24/7 basis constituted a good start to our partnership. We are looking forward to further developing the Danish gas market in our new role as shareholder, in close cooperation with energinet.dk and the market participants”, says Peter Reitz, CEO of EEX and ECC.
The gas exchange was established in 2008 as a co-operation between Nord Pool Spot, which operates the Nordic electricity exchange, and the Danish Transmission System Operator Energinet.dk. In December 2012, Energinet.dk bought all the shares – with the express aim of developing the gas exchange further and enhancing the gas market. In July 2013, the gas exchange dropped the name ‘Nord Pool Gas’ in favour of ‘Gaspoint Nordic’ and, on 1 October 2014, ECC became a clearing partner for the gas exchange.