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Europe’s Gas Market Faces Risks From Price Cap: Equinor


The European Commission’s plan to introduce a price cap risks reducing liquidity in the European gas market, posing a threat to how it functions, Equinor said to Reuters.

  • The biggest concern is what happens to the liquidity in the gas market, Helge Haugane, Equinor's head of gas and power trading, said.
  • Haugane has previously raised the alarm on market liquidity. In September, he warned that some €1.5trn tied up in the margin calls that traders pay to protect against defaults could squeeze gas and power market liquidity and see smaller market participants struggling.
  • But he said this was no longer a "big issue", with margin calls now only "a fraction" of what they were at the end of August.
  • "From the Equinor perspective, we should still be able to get our gas to the markets and we should get the gas to the markets where it's needed the most”, he said.
  • Equinor has become Europe's largest supplier of natural gas after a sharp drop in pipeline volumes from Gazprom.

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