THE FAS RUSSIA HAS DEVELOPED PROPOSALS TO INCREASE THE VOLUME OF GAS SALES BY GAZPROM ON THE STOCK EXCHANGE

Since 2018, the volume of supply on the stock exchange has sharply fell*, while its sale at marginal prices increases by an equivalent amount**

The FAS Russia proposes to create a mechanism that will allow equalizing the volumes of gas sales under exchange and off-exchange contracts. It is necessary to form representative price indicators on the stock exchange.

The second proposal is to separate the concluded exchange contracts into targeted and untargeted ones. The Authority notes that now, when Gazprom sells gas on the stock exchange, they are not separated. At the same time, targeted transactions cannot be used to determine the market price.

The FAS Russia suggests to use the volume of sales at exchange auctions only under untargeted contracts as an indicator for determining a parity ***. They are concluded on the basis of applications addressed to an unlimited number of market participants.

The next proposal is to extend the criteria **** of regularity and uniformity to the procedure of Gazprom's sale of gas on the stock exchange.

The document is posted on the federal portal of draft regulatory legal acts.

Earlier, the FAS Russia proposed to establish sales standards for Gazprom PJSC (at least 10%) and independent producers (at the initial stage at least 3%, then also at least 10%).

Reference:

*In 2021, 47.8 billion cubic meters were sold at marginal prices, 6.7 billion cubic meters on the stock exchange. In 2017, the volume of gas sales at marginal prices amounted to about 30 billion cubic meters, the volume of exchange sales - 21 billion cubic meters.

**Resolution of the Government of the Russian Federation No. 333 of May 28, 2007.

***Resolution of the Government of the Russian Federation No. 323 of April 16, 2012.

****Resolution of the Government of the Russian Federation No. 1035 of October 11, 2012.