Throughout 2022, MIBGAS continued to pursue its firm intention of consolidating its position as Europe’s benchmark organised market -this despite the singularity of the financial year in question- by working together with other entities towards both a better integration of the Iberian natural gas market and an improved price transparency policy.
MIBGAS is publishing its annual report, in which it details all the developments undergone and projects implemented during the 2022 financial year, which saw 129.4 TWh negotiated across all of the products on its platform, signifying an increase with respect to the previous year of 67%; clear proof of the exceptional turnover for the organised gas market on the Iberian Peninsula, which is now the benchmark for south west Europe. And all of this in a year marked by Russia’s invasion of Ukraine, which sparked high stresses and volatilities in the energy markets.
As the chairman of MIBGAS, Raúl Yunta Huete, stated in his foreword to the 2021 annual report:
“Despite being affected by this extremely turbulent European environment, in 2022 the Iberian gas market provided a more competitive and less variable price signal than its European counterparts. In 2022, the existence of a robust network of gas infrastructures, suitable regulation and an organised market operating on an effective competitive basis resulted in MIBGAS being able to provide an average price for gas with delivery on the day immediately after negotiation of €98.10/MWh compared with the mean price of €123.31/MWh for the same product on the Dutch market. In other words, €25.21/MWh less”.
Likewise, MIBGAS continued moving forward along the path towards decarbonisation and sustainability by signing up to initiatives such as the United Nations Global Compact, and working on studies with other entities that led to being able to define MIBGAS’s commitment to renewable gases.
Furthermore, in compliance with its transparency and public domain information principles, since April MIBGAS has had a corporate mobile app -in three languages- that shows how negotiations are developing (prices and volumes) in real time (with updates every 30 minutes), with this being joined in June by the publication of the natural gas price (NGP) for the electricity market in €/MWh resulting from the application of Royal Decree-Law 10/2022.
All these aspects can be found in the 2022 Organised Gas Market Report, which is available through the following links:
Executive summary (in Spanish)