Gas Natural Fenosa is superbly positioned in the upstream and downstream gas and electricity markets, enabling it to extract additional margins from the markets through appropriate trading activities, present throughout the value chain and for all commodities.
The company has a Trading unit which co-ordinates the physical and financial operation at an international level, with various key objectives:
The Gas Trading committee operates physically and financially with international indexes for gas, oil and its derivatives, supporting the company's gas sales activity by actively managing price risk and helping to optimise assets, as well as creating opportunities through the use of associated derivatives.
In gas and oil derivatives, operations are carried out in the international indexes HH, NBP, Brent, WTI, Gas Oil, Fuel Oil, etc. arbitrating geographically and temporarily, both in spot markets and futures markets, operating within the main European hubs (TTF, Zeebrugge, NCG, PEGs,...)
It also offers an added value service to Gas Natural Fenosa customers and to third parties who wish to manage their price risk by trading derivatives associated with gas, oil or cross-commodity.
The 12.7 GW plus power generation capacity installed in Spain provides Gas Natural Fenosa with assets upon which a trading strategy is based that optimises them to the maximum.
In the Spanish OTC market, Gas Natural Fenosa has been one of the key Iberian players for many years, offering active price risk management services to Iberian businesses, understanding the fundamentals that move gas and electricity and negotiating products from among commodities. It carries out its activity operating in different terms and moving significant volumes through the OMIP market and bilaterally on the OTC market, or with compensation agreements in the OMICLEAR and MEFF energy chambers.
In Europe, the centralised vision of the Electricity Trading committee, both in terms of markets and assets, has enabled the development of transborder trading. It participates in energy auctions in a number of countries and operates in European electricity interconnections, arbitrating between markets and terms, thus maximising the value of the electricity portfolio.
Furthermore, Gas Natural Fenosa improves its margins by offering a value added service to the company's customers and third parties who wish to manage their price risk by trading derivatives, offering bespoke products (terms, volume) and cross-commodity (spark spreads, etc.).
As one of the major players in the market for a number of years, Gas Natural Fenosa is continuing to expand this line of business at international level.
In CO2 trading, it is one of the key counterparts in Europe. Active in different terms and products (spreads, swaps, etc.) - both in the main exchanges, bilaterally in the OTC market and with compensation agreements in chambers, and through auctions-, Gas Natural Fenosa carries out operations both to optimise its portfolio of compliance with EU ETS, and for its own arbitration book.
Through its coal trading activity, the company manages the price risk associated with the different indexes for this commodity - for its power plants and for the mine in South Africa (Kangra) - and at the same time helps to create incremental opportunities for trading through the use of associated derivatives.
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