ガスとエネルギー
概要
ガスと電力は、すべての経済活動を支える2つの不可欠なエネルギー源です。信頼できる市場情報、データ、価格へのアクセスはガスと電力セクターへのエクスポージャーに関して、より多くの情報に基づいた意思決定が可能になります。
当社の市場専門家チームは、独立した信頼できる価格査定、インデックス、市場データ、詳細な分析を提供しています。当社の価格とマーケット・インテリジェンスは、エネルギー会社、政府、銀行、規制当局、取引所、その他多くの組織で利用されています。より良い意思決定のために、これらの市場に関する当社の深い知識をご活用ください。
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SEE gas operators propose changes to Route 1 product
SEE gas operators propose changes to Route 1 product
London, 19 June (Argus) — Gas transmission system operators (TSOs) in southeast Europe have proposed several changes to the "Route 1" integrated capacity product from Greece to Ukraine, including allowing nominations from the Greek virtual trading point (VTP) to count toward exports, subject to approval by the regulator. Route 1, a product offered only between June and October in order to help Ukraine reach its goal of importing roughly 5bn m³ of gas in preparation for the next heating season, bundles together capacity at the Kulata/Sidirokastro, Negru Voda/Kardam, Isaccea/Orlovka, Kaushany and Grebenyky interconnection points. The first monthly auction for Route 1 was held on 29 May , but no capacity sold at the auction as traders pointed toward serious questions over the product's compliance with EU law, a restrictive rule set and insufficient economic incentive to book. During a meeting with regional shippers today, the route's TSOs proposed several changes to the product. The most prominent change would allow nominations from the Greek VTP to count towards exports under the Route 1 product, which would increase the pool of eligible users if approved by the Greek regulatory authority. Under previous rules, Route 1 users would have had to cumulatively nominate at the Greek entry points of Agia Triada, Nea Mesimvria, Amfitriti and Kipi at least as much as they notify Greek TSO Desfa they intend to deliver to Ukraine, but this list explicitly did not include the Greek VTP or Kulata/Sidirokastro. These rules effectively heavily favoured users with LNG capacity at Revithoussa. The operators also clarified that Route 1 users will not be required to obtain a licence from Moldovan regulator Anre and conclude a balancing contract, as the gas will only be transmitted from one Moldovan interconnection to another. It is also not required to sign a balancing contract with Romanian TSO Transgaz, although it is necessary with Bulgartransgaz. The operators also clarified that interested parties do not need to have licences to trade in all five countries along the route, simply to be registered system users with access to transmission services for each of the TSOs. Although several market participants told Argus that even this process can take a month or longer. Other details of the product, such as the 25pc discount at all points except Isaccea entry, Kaushany exit and Grebenyky entry, where a 46pc discount is already applied by the Ukrainian TSO, remain in place. The operators do not appear to have addressed concerns raised by Energy Traders Europe that the offering of discounts on point-to-point capacity on a monthly basis is not in line with the EU's network code on capacity allocation (NC CAM). Traders today still expressed reservations about booking the Route 1 product, noting that the Greek discount to other competing routes into Ukraine is probably not large enough to justify booking given the cost of the tariffs. Argus assessed the Greek day-ahead price at a €6.70/MWh discount to the Slovak day-ahead market, the other most prominent underutilised route to Ukraine, at the most recent close. But at a cost of around €7/MWh for the Route 1 tariffs and volume fees, compared with a monthly Slovak exit tariff of €1.47/MWh and a volume fee of around €0.35/MWh, Route 1 would only marginally be in the money. Further, the 131 GWh/d booking from the Czech Republic to Slovakia for July , as well as a nearly correspondingly-large Ukrainian entry booking from Slovakia , suggests that traders intend to supply a large volume of gas to Ukraine along the main route competing with Route 1. Additionally, worries about the potential regulatory problems associated with Route 1 have not been addressed, leaving some firms uneasy, although all agreed that the potential inclusion of Greek VTP nominations would have a positive effect on potential interest. The next Route 1 auction will be held on the Regional Booking Platform (RBP) on Monday, with around 30 GWh/d on offer. By Brendan A'Hearn Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
BMWE legt RED III Entwurf vor
BMWE legt RED III Entwurf vor
Hamburg, 19 June (Argus) — Das BMWE hat Verbänden am 19. Juni einen ersten Referentenentwurf zur Umsetzung der RED III vorgelegt. Diese sieht grundlegende Veränderungen zur Erfüllung der THG-Quote vor. Erste Preisindikationen steigen schlagartig. Um die auf EU-Ebene gültige dritte Fassung der Erneuerbare-Energien-Direktive (RED III) in deutsches Recht umzusetzen, hat das Bundesministerium für Wirtschaft und Energie (BMWE) einen Entwurf zur Anpassung des Bundes-Immissionsschutzgesetzes (BImSchG) vorgelegt. Unter anderem sieht der Entwurf vor, die Treibhausgasminderungsquote (THG-Quote) bis 2040 schrittweise auf 53 % zu erhöhen (siehe Grafik). Das bisherige Ziel war eine Quotenhöhe von 25,1 % im Jahr 2030. Auch der Pfad bis 2030 wurde leicht angepasst. Damit käme das Gesetz, wenn es in dieser Form umgesetzt wird, einer vielgeäußerten Forderung der Biokraftstoffindustrie nach, die sich für eine stärkere Quotenerhöhung eingesetzt hat. Infolgedessen melden erste Marktteilnehmer Angebote für Andere Zertifikate für das Verpflichtungsjahr 2026 in Höhe von 175 €/tCO2e. Für dieselben Zertifikate für 2025 werden 125 €/tCO2e geboten. Zusätzlich enthält der Entwurf einen Mechanismus, der im Falle einer Übererfüllung die Höhe der Quote im übernächsten Jahr erhöht. Ausschlaggebend ist dafür, ob die gesamte Quotenerfüllung in einem Jahr bereits ausreichen würde, um die Quotenhöhe des Übernächsten Jahres zu erfüllen. Darüber hinaus sieht der Entwurf vor, die Option zur zweifachen Anrechnung von als fortschrittlich geltenden Biokraftstoffen abzuschaffen und die Mindestquote zu erhöhen. Diese steigt dann bis 2030 auf 3 %. Zuvor lag das Ziel bei 2,6 %. Viele Marktteilnehmer haben gemutmaßt, dass die Doppelanrechnungsoption entfallen würde, um die benötigte Menge an Erfüllungsoptionen zu erhöhen. Auch welche Kraftstoffe zur Erfüllung der Quote genutzt werden können wird angepasst: So können keine Kraftstoffe auf Soja- oder Palmölbasis zur Erfüllung genutzt werden. Letzteres schließt auch Kraftstoffe aus Nebenprodukten der Palmölproduktion, allen voran Palmölmühlenabwasser (POME) ein. Dieses wurde in der Vergangenheit insbesondere genutzt, um die fortschrittliche Unterquote zu erfüllen, da es dank einer Sonderklausel trotz seiner Einstufung als fortschrittlich nur einfach zur Erfüllung der THG-Quote angerechnet werden konnte. Diese Regelung würde direkt ab Inkrafttreten der Gesetzesänderung wirksam werden. Die Anrechnungsgrenzen für futtermittel- und abfallbasierte Kraftstoffe werden ebenfalls angepasst: Während das Limit für futtermittelbasierte Produkte bis 2030 von 4,4 % der in Verkehr gebrachten Energiemenge auf 3 % reduziert wird, steigt das Limit für abfallbasierte Produkte wie Altspeiseöl (UCO) bis 2039 von 1,9 % auf 2,8 %. Zusätzlich wird eine Mindestquote für erneuerbare Kraftstoffe nicht-biogenen Urpsrungs (RFNBO) eingeführt. 2026 beträgt der energetische Mindestanteil 0,1 % und soll bis 2040 auf 12 % steigen. Zu den RFNBOs gehören unter anderem synthetische Kraftstoffe wie eFuels (PtL, Power-to-Liquid) und Grüner Wasserstoff. Der Entwurf erweitert den Geltungsbereich der THG-Quote außerdem auf den Luftverkehr. Bisher galt hier eine gesonderte Quote für erneuerbare Kraftstoffe. Darüber hinaus unterliegt nun auch der Seeverkehr der THG-Quote. In der Seefahrt genutzte Kraftstoffe, die im Straßenverkehr anrechenbar wären, können hierbei jedoch nicht für die Erfüllung genutzt werden. Damit soll vermieden werden, dass Unternehmen die Erfüllung ihrer Verpflichtung komplett vom Straßenverkehr auf die Seefahrt umwälzen. Der Entwurf sieht außerdem vor, dass erneuerbare Kraftstoffe nur noch angerechnet werden können, wenn Vor-Ort-Kontrollen der Produktionsstätten durch staatliche Kontrolleure ermöglicht werden. Dies soll das Betrugspotenzial bei der Anrechnung von Biokraftstoffen mindern. Der Entwurf liegt nun den Branchenverbänden vor. Ein Mitglied des Umweltausschusses erklärte am 4. Juni im Rahmen einer Podiumsdiskussion, dass der Entwurf nach Anpassung an eventuelle Verbandsvorschläge im Oktober dem Parlament zur Debatte vorgelegt werden soll und idealerweise zum 1. Januar 2026 in Kraft treten soll. Der Referentenentwurf sieht vor, dass die Änderungen an der THG-Quote mit Beginn des neuen Verpflichtungsjahres in Kraft treten. Dies soll Marktverwerfungen verhindern, für den Fall, dass die Gesetzesänderung innerhalb eines Verpflichtungsjahres in Kraft treten sollte. Von Svea Winter & Max Steinhau Entwicklung der THG-Quote bis 2040 Senden Sie Kommentare und fordern Sie weitere Informationen an feedback@argusmedia.com Copyright © 2025. Argus Media group . Alle Rechte vorbehalten.
French Bugey nuclear cuts likely from 25 June: EdF
French Bugey nuclear cuts likely from 25 June: EdF
London, 19 June (Argus) — High temperatures on the River Rhone are "likely" to drive production cuts from nuclear plants along the river, especially Bugey, according to French utility EdF. The potential cuts will be reviewed on 24 June, and a specific publication will detail the cuts if they are confirmed, EdF said. France is about to see a combination of a heatwave and dry spell, with daily highs in Grenoble forecast to remain mostly above 30°C until the beginning of July. The combination of heat and a lack of rain in the Alps has increased the chance of hotter water and lower flows on the Rhone, which could have a knock-on effect on France's nuclear fleet. Eight of the country's 57 reactors discharge their cooling water directly into the river, and environmental regulations limit the temperature at which they can do this, meaning if the river's flow is low and temperatures high, the units can be forced to reduce output. Flows out of Lake Geneva — where the Rhone leaves Switzerland and enters France — have remained at 239-328 m³/s since 2 June. Earlier in the month this was within the 25th to 50th percentile of historical values, but is now slightly below the 25th percentile, as flows typically increase in June to peak at the end of the month and into July. The low outflows are reflective of low inflows, as the lake's level is regulated by the Seujet dam at the lake's exit to the Rhone, which keeps its level about 1m all year. The lake's level typically falls in the first quarter and rises in the second to a peak in June and July, and the level has been creeping up over June in line with the historical trend. The outflow's average temperature of 20.9°C on Wednesday was between the 75th and 95th percentile for the date. A convention between France and Switzerland guarantees that the flow of the Rhone upstream of Bugey, the first nuclear plant on the river, is to remain above 150 m³/s, with the potential for release of water from the Emosson reservoir in Switzerland to the Arve River to achieve this. In recent days, flows at Bugey — combining outflows from Lake Geneva and tributaries of the Rhone, which have brought more than 100 m³/s — have been well above this minimum. And thermal limits for Bugey are set at a maximum temperature downstream of the plant of 26°C and a maximum temperature difference between upstream and downstream of 5°C. If grid operator RTE determines that the plant is necessary to maintain supply, this maximum limit can increase to 27°C, but with only a 1°C temperature difference allowed. Only two of Bugey's four units discharge their cooling water directly into the Rhone, with the other two using cooling towers, which sharply reduce their thermal impact on the river, and so the extent to which the regulations affect them. If water flows were at their minimum of 150 m³/s, and at a temperature of 21°C upstream of the plant, this stream would have the capacity to carry 3.14GW of waste heat away from the plant before hitting the regulatory limit of 5°C of temperature difference and 26°C maximum temperature downstream. This is less than the roughly 3.8GW of waste heat generated by Bugey 2 and 3 operating at full power, including their thermal power of 5.6GW less their electrical power of 1.8GW. Bugey 4 and 5 contribute a small amount of extra waste heat downstream, as their cooling towers do not completely eliminate waste heat. Both units have had to stop at moments in the past two years because of heat-related constraints. In the last period when Bugey was constrained, in mid-August, flows leaving Lake Geneva were significantly hotter than now, roughly 24-26°C. At that point, output from Bugey 2 was reduced to zero, before a sharp fall in water temperature to roughly 20°C by 18 August allowed constraints to be lifted. But air temperatures in the region are forecast to remain elevated for the next two weeks, which will boost water temperatures over time. Daily highs in Sion, Switzerland, are seen at 3-4°C above the norm through to the beginning of July. Temperatures and flows at reactors further downstream which do not possess cooling towers — 2.6GW Saint Alban and 3.6GW Tricastin — are affected by other flows on tributaries to the Rhone, which cool the river down and increase its volume after passing Bugey. By Rhys Talbot Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Sri Lanka revives plan to build LNG import terminal
Sri Lanka revives plan to build LNG import terminal
Singapore, 19 June (Argus) — Sri Lanka has revived its plan to build the country's first LNG import terminal, power and energy minister Kumara Jayakody told the country's parliament on 17 June. The process to build the terminal is already underway and LNG supply is scheduled to begin in 2028, the minister said. The tender to build the import terminal was issued by state-controlled importer Ceylon Petroleum and state-run utility Ceylon Electricity Board, and the negotiation and project committees have been re-established to facilitate the eventual signing and finalisation of the project, the minister added. Sri Lanka plans to use LNG as a transition fuel despite its higher costs compared with coal, as the country looks to increase its renewables load. Sri Lanka had previously finalised an agreement with US operator New Fortress Energy to develop a new LNG terminal in Sri Lanka in 2021, but there have been no updates on the terminal since then. It is unclear if the current plan to build an LNG import terminal is linked to this floating storage and regasification unit (FSRU) agreement. By Joey Chan Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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