SUBSCRIBER NOTE: Platts announces new implementation dates of natural gas agreement with ICE

On November 21, 2016, S&P Global Platts announced an agreement with Intercontinental Exchange to improve natural gas price transparency and bolster North Amecican price benchmarks. Platts previously advised that the transition period would conclude at the end of May, at which time Platts would launch new preliminary indices, incorporate ICE Exchange data into existing final indices, and introduce the ICE eConfirm platform as an alternative method of price reporting. At the same time, ICE would cease publishing daily and monthly physical natural gas indices.

Since the agreement was announced, Platts has held two separate consultation periods on proposed methodology changes. Platts continues to gather and review feedback from market participants. The feedback is critical in ensuring the robustness of Platts natural gas price benchmarks.

The transition period is being extended to allow for the completion of market consultation and review of methodology, and for Platts and ICE to build, test and initiate the IT processes necessary for implementation.

The new implementation dates are as follows:

1. Platts to begin publishing preliminary daily indices in parallel with ICE daily indices on trade date August 31 for September 1 gas flow. The daily indices will be published in parallel for a minimum of two months and a maximum of three months.

2. Platts to begin publishing preliminary monthly indices in parallel with ICE monthly indices on trade date September 25 for October bidweek. The monthly indices will be published in parallel for a minimum of two and a maximum of three bidweek periods.

3. Development of the ICE eConfirm platform as an alternative method of price reporting will begin at a later date based on customer demand.

Please send any comments to the above to gas_survey_comments@platts.com and pricemethodology@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.