Course 15 of 20 · Natural Gas Desk Academy

European Gas Commercial Practice

Stage D, Customer supply and regional specialisation. Level 7 of 10.

European market mechanics: entry and exit capacity regimes, hub-centred trading and settlement practice, and European storage and regulatory obligations.

119 chapters · 12 modules · every chapter one 8 to 10 minute explainer · builds on: Course 03, Course 06, Course 09, Course 12

Enrol or enquire See the 119 chapters
How a chapter is sized

One chapter is one idea taken to the point of use

Each chapter is a single self-contained explainer of 8 to 10 narrated minutes, covering one idea to the point where you can use it.

Chapters run in order. Each one assumes only what the chapters before it taught, and capability belonging to a later course is named and deferred rather than half-covered.

Curriculum

12 modules · 119 chapters

Open any module for its full chapter list, in teaching order.

M0 What Makes European Gas Its Own System Ch 1-9
  1. Why European Practice Differs at the Root
  2. From State Monopoly to Unbundled Market
  3. The Regulated Network and the Competitive Market
  4. The Layers That Make the Rules
  5. Reading the Rules Rather Than Remembering Them
  6. The System Operator as a Commercial Counterparty
  7. What the Shipper Role Actually Carries
  8. Market Areas and Where a Price Lives
  9. Map of the Modules and What Sits Elsewhere
M1 The Entry-Exit System Ch 10-19
  1. The Point-to-Point Model as a Baseline
  2. Entry and Exit as Two Separate Rights
  3. The Route You Never Book
  4. The Zone as One Balancing Vessel
  5. Buying Entry Capacity
  6. Buying Exit Capacity
  7. Matching the Two Sides Across a Month
  8. Holding One Side Without the Other
  9. How the Tariff Is Split Between Entry and Exit
  10. A Worked Entry-Exit Booking
M2 The Virtual Trading Point Ch 20-28
  1. What a Virtual Point Is
  2. Title Transfer Without Physical Movement
  3. A Virtual Point Trade, Step by Step
  4. Telling the Operator About a Trade
  5. When a Notification Does Not Match
  6. Why Liquidity Concentrates at One Point
  7. Exchange Trading and the Clearing House
  8. Bilateral Trading and Standard Terms
  9. The Physical Reality Behind the Virtual Point
M3 Capacity Products and Auctions Ch 29-39
  1. The Standard Product Set
  2. Yearly and Quarterly Products
  3. Monthly, Daily and Within-Day Products
  4. Firm, Interruptible and Conditional Rights
  5. The Booking Platform and the Auction Calendar
  6. Ascending Clock Auctions, Mechanically
  7. Uniform Price Auctions in a Single Round
  8. Bidding Behaviour and the Auction Premium
  9. Bundled Capacity at a Border
  10. Unbundled and Residual Offerings
  11. A Worked Auction Decision
M4 Interconnection Points and Cross-Border Capacity Ch 40-48
  1. What an Interconnection Point Is
  2. Two Operators, One Physical Point
  3. The Agreement Between the Two Operators
  4. Why Bundling Became the Border Default
  5. Conversion and the Matching Problem
  6. Oversubscription and Buy-Back
  7. Surrender and Long-Term Use-It-or-Lose-It
  8. Day-Ahead Use-It-or-Lose-It
  9. Transferring Capacity to Another Shipper
M5 The Balancing Regime Ch 49-59
  1. Balancing as a Legal Obligation
  2. The Balancing Portfolio Inside a Zone
  3. The Operator as Residual Balancer
  4. Why the Operator Acts Last
  5. Short-Term Standardised Products
  6. Balancing Actions and the Merit Order
  7. Locational Needs and Network Constraints
  8. Contracted Balancing Services
  9. Linepack as a Balancing Resource
  10. The Marginal Price and How It Is Set
  11. Tolerance, Small Adjustment and Their Absence
M6 Within-Day Obligations, Charges and Neutrality Ch 60-69
  1. The Within-Day Obligation Explained
  2. Information Through the Gas Day
  3. Renomination Rights and Their Limits
  4. The Daily Imbalance Quantity
  5. Charging the Daily Imbalance
  6. Why Neutrality Must Hold
  7. The Neutrality Charge on Your Invoice
  8. Forecasting Your Own Position Through the Day
  9. Choosing Between a Renomination and a Hub Trade
  10. A Worked Within-Day Correction
M7 Market Access and Standing Registrations Ch 70-78
  1. The Shipper Licence and Who Grants It
  2. The Network Access Agreement
  3. Registering in a Market Area
  4. Joining a Balancing Group
  5. Security Required for Network Access
  6. Getting Registered to Trade at the Hub
  7. Clearing Membership and the Exchange Rulebook
  8. Identifiers and Counterparty Reference Data
  9. Keeping Access: Renewals, Changes and Loss
M8 European Storage and Security-of-Supply Obligations Ch 79-89
  1. Storage Inside a European Market Structure
  2. Regulated and Negotiated Access
  3. The Storage Service Contract
  4. Booking Storage at Auction
  5. Storage Inside the Balancing Zone
  6. Filling Targets as a Standing Obligation
  7. Strategic and Reserve Stock Arrangements
  8. Who Pays for a Mandated Fill
  9. Storage Charges, Levies and Cost Recovery
  10. Verifying a Storage Obligation Before Committing
  11. A Worked Storage Season Under Obligation
M9 Oil Indexation, Price Review and the Hub Shift Ch 90-100
  1. The Legacy Long-Term Import Contract
  2. How an Oil-Indexed Formula Is Built
  3. Lags, Averaging and the Slope
  4. Why Oil Indexation Was Rational
  5. The Gap Between Formula and Hub
  6. The Price Review Clause
  7. Triggering a Review
  8. Running the Negotiation
  9. Arbitration and the Revised Formula
  10. Hybrid and Partially Indexed Formulas
  11. The Shift to Hub Indexation and What It Moved
M10 Transparency, Reporting and Conduct Ch 101-109
  1. Why a European Participant Reports So Much
  2. What the Operator Must Publish
  3. Inside Information and the Duty to Disclose
  4. Reporting Your Wholesale Transactions
  5. Reporting Fundamental Data
  6. Market Abuse in a Gas Market
  7. Where Derivative Rules Overlap
  8. Building a Reporting Map for Your Book
  9. Checking Your Obligations Against Current Rules
M11 A Worked European Month and the Limits Ch 110-119
  1. The Book We Will Run
  2. The Month Before: Positions Already Taken
  3. Day One: Nomination and Title
  4. Mid-Month: A Cold Spell and a Within-Day Decision
  5. A Border Restriction Mid-Month
  6. Month End: Charges, Imbalance and Neutrality
  7. Reading the Settlement Statement
  8. What the Month Earned and Where It Leaked
  9. What European Practice Cannot Tell You
  10. Carrying This Capability Forward

The brochure gives each of these 119 chapters a paragraph on what it covers and what you can do once you have worked through it.

This is course 15 of twenty

It stands alone, and it is also the entry point to the Natural Gas Desk Academy pathway.

Enrol or enquire See the whole pathway