A total of 129.4 TWh were traded across all MIBGAS products in 2022, representing a 67% increase over the previous year. These are, without doubt, good business figures for the organised gas market on the Iberian Peninsula, currently the benchmark for south-western Europe, in a year marked by the Russian invasion of Ukraine, which caused the energy markets to suffer unprecedented pressures and volatility.
The spot and prompt products, traded by MIBGAS, proved once again to be the star turns within its total turnover. In fact, 2022 closed with a total of 121.4 TWh traded in MIBGAS for the products to be delivered at the PVB (Virtual Balancing Point), 76% higher than in 2021.
In business terms, 2022 was a record-breaking year in the Spanish market, where the volumes traded were far higher than those recorded in previous financial years, as can be seen in Figure 1. For example, in 2020 47.3 TWh were traded on the MIBGAS platform; in 2021 the final figure stood at 77.4 TWh and in 2022 this was again easily exceeded when it reached 129.4 TWh.
Figure 1. Business development in MIBGAS PVB from 2018 to 2022.
It is also worth pointing out that the average natural gas price of the daily D+1 product traded last year in MIBGAS was €99.16/MWh and €105.53/MWh for the monthly M+1 product. As regards volumes, 50.5 TWh were traded in D+1 and 17.6 TWh in M+1. The monthly volumes traded in both products can be seen in Figure 2.
Figure 2. Monthly volume of D+1 and M+1 products traded in 2022.