Gas Exchange in Vienna
Central Europe’s first natural gas
exchange opens in Austria
The Central European Gas Hub (CEGH), a
subsidiary of the oil group OMV, and Vienna
Stock Exchange launched the first natural gas
exchange in Central Europe on 11 December
2009. In some weeks Vienna Stock Exchange will
acquire a 20%-share of CEGH, the Russian gas
group Gazprom is to follow as a partner.
However, Brussels still has to give the green light.
The decision will probably become available in
about six months.
Gazprom’s participation was desirable as the
“most important player“ should be involved,
Minister for Economic Affairs Mitterlehner told
reporters. However, the Russian participation
should not go beyond a minority holding.
According to Stock Exchange CEO Heinrich
Schaller, fears were unjustified that Gazprom, as
the sole gas supplier, could manipulate the price
by controlling supply: “The stock exchange is the
best instrument to counteract such risks.“
The gas distributed through the gas hub in
Baumgarten had already been traded in the past.
But the new exchange was “optimised technically”,
Mitterlehner underlined the significance
of the new gas exchange. In times of crisis, the
market was working better that “government
regulation and rationing“.
