LNG, Natural Gas

May 09, 2025

Platts to launch Spanish TVB LNG price assessments from June 9

Platts, part of S&P Global Commodity Insights, will launch daily price assessments for LNG in tanks basis Spain's virtual balancing tank Tanque Virtual De Balance (TVB), effective June 9.

Platts first proposed the assessments April 1 in a subscriber note available here(opens in a new tab).

The TVB serves as the virtual trading hub for LNG at six Spanish regasification facilities. It allows gas system users to store LNG and transfer its ownership without being restricted by the physical location of the LNG.

Spain is the European hub with the largest capacity to intake LNG. These TVB assessments will enable market participants to track regasification activities and reload incentives from Spain to competing markets in Asia or Europe, particularly in light of the increasing reliance on LNG.

LNG reexports from Spanish terminals amounted to 81% of total reexports in Europe in 2023 and 48% in 2024, according to data from Commodity Insights.

The price assessments will reflect the physical prices of LNG with title transfer in tanks at 4:30 pm London time stamp.

Quality: Of a merchantable specification suitable for entry into the EU gas system.

Timing: Daily assessments for TVB day-ahead delivery and TVB deliveries over the second, third, fourth and fifth half-month cycles forward from the date of assessment. There would also be a weekly assessment of the weekend delivery on the last business day before the weekend.

Basis and Location: Title transfer in the following six regasification facilities basis Spain's Virtual Balancing tank hub (TVB): Mugardos, Bilbao, Barcelona, Sagunto, Cartagena and Huelva.

Volumes :

  • Day-ahead and weekend assessments: basis 100 MWh
  • Half-month assessments: basis 50 000 MWh

Unit: Spanish TVB prices will be assessed in Eur/MWh and converted into $/MMBtu, pence/therm and Eur/GJ using Platts published conversion factors.

These assessments will follow the UK publishing schedule. Platts may consider bids, offers and trades outside of the standard terms above for publication and review for normalization.

Platts will publish the TVB assessments in the Natural Gas news wire and in the European Gas Daily publication alongside its existing EMEA natural gas markets coverage.

Please note Platts has changed the launch date and clarified the specifications based on market feedback.

Please send comments or questions to eurogas_pricing@spglobal.com and pricegroup@spglobal.com.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.