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Spain Supportive of Plan for New Gas Benchmark

NATURAL GAS

Spain is supportive of proposals to replace Dutch TTF futures as the benchmark gas contract for Europe according to environmental transition minister Teresa Ribera.

  • The EU announced plans on Wednesday to work out a price index for imports of natural gas not linked to TTF.
  • “International gas prices have a very high speculative component, and the increase in costs isn’t proportional to what’s reflected in prices,” Ribera said. “Such a component is even higher given that the TTF has become Europe’s main benchmark.”

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