EFET Gas Market
Transparency Requirements
GTE Transparency Workshop
European Federation of Energy Traders
Brussels, 29 May 2007
Jonas Törnquist
[email protected]
Törnquist
Brussels, 29 May 2007
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EFET and Transparency
 Information Transparency in Gas Markets (August 2006). See
www.efet.org/default.asp?Menu=283
 This paper sets out our broad transparency requirements and
explains why transparency is very important for efficient markets to
develop.
 EFET Gas Transparency Requirements (23 May 2007). Same web
address as above. The press release is available at
www.efet.org/default.asp?Menu=30.
 This new transparency requirements list details EFET’s expectations
of gas market transparency.
Törnquist
Dublin, 23-24 April 2007
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Why transparency is vital
 To inform market participants
Creates market confidence in prices and price formation
Improves liquidity as confidence grows
Enables competition on an equal footing
Helps market participants take informed decisions in accessing new markets
 To aid capacity purchases
 To enable regulators to carry out market monitoring and regulation of
network companies and tariffs
 To assist security of supply
Transparency is vital for market efficiency and
access by new entrants
Törnquist
Dublin, 23-24 April 2007
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Transparency requirements
 Information should be released unless there is a very good reason
not to release it
 But of course there is a balance between transparency and
proprietary commercial information
 Incomplete information restricts its usefulness
 Materiality thresholds should be as small as practicable – let the
market decide what is material and not
EFET has published a detailed list of gas market
transparency requirements
Take a look at it!
Törnquist
Dublin, 23-24 April 2007
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Content versus form
 The initiative from GTE to harmonise access to information is
welcome
 But the first priority is to have the information published
 So please do not let these good efforts to create a platform delay or
impede getting important information into the public domain
 We are used to gather and analyse data
 To gather information efficiently we need it in a readable “raw” format
The most important thing is to have the information
in the first place
Törnquist
Dublin, 23-24 April 2007
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And just to recap…
Transparency is vital for market efficiency and
access by new entrants
EFET has published a detailed list of gas market
transparency requirements
The most important thing is to have the information
in the first place
Törnquist
Dublin, 23-24 April 2007
6
European Federation of Energy Traders
Tel: +31 (0)20 5207970
Email: [email protected]
www.efet.org
Törnquist
Dublin, 23-24 April 2007
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