Platts launches Spanish TVB LNG price assessments

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

Platts published its decision to launch the assessments on May 9.

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

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 and on the fixed page PGN1094.

The assessments are published and available on Platts Connect under the following symbols:

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

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