European Hubs & Relative Price Exposures

Global oversupply and price convergence means Europe is now the ‘market of last resort’ for surplus LNG.

Hub pricing is driven by flexible tranches of supply… and increasing importance of power sector demand

Switching is already a reality in the UK and Italy… and forward prices suggest it will remain that way

Power prices in most other European markets are set by coal… but 50+ bcma of switching potential remains

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