PGNiG Supply & Trading GmbH becomes a new Member of Towarowa Giełda Energii (TGE)

PGNiG Supply & Trading GmbH (PST) obtained Exchange Membership with respect to the Commodity Market.

‘The energy sector is undergoing constant changes not only in its market structure but also in the regulations in force. TGE continuously takes measures in order to accommodate market expectations as well as requirements resulting from the regulatory regime, both on the national and European level. We want the Exchange Membership to continue to grow, thus contributing to the concentration of supply and demand on the market. We find the growing number of new members a proof of our unwavering leadership position, as we continue to be the first choice exchange, the guarantor of safe trading and the environment where transparent prices of exchange commodities are shaped’ - said Piotr Listwoń, TGE’s Vice President of the Management Board for Operations.

PGNiG Supply & Trading GmbH (PST) is a dynamically growing company controlled by the PGNiG Group. PST actively participates in gas and electricity markets in Western Europe, both retail and wholesale. The company is based in Munich. In 2017, PST opened its branch in London, which is the Group’s main trading centre for short- and medium-term LNG contracts.

At the moment, TGE has 76 members.

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In order to operate on TGE, members are required to fulfil the requirements set out in the Act on Commodity Exchanges of 26 October 2000 (as amended) and TGE’s internal regulations. Specifically, they are required to:

• obtain the membership in TGE,
• hold a permit of the Polish Financial Services Authority (PFSA) for keeping commodity accounts or registers, or hold a permit of the PFSA for brokerage activities, or have an agreement for transaction clearing with a commodity brokerage house or a brokerage house being a member of the Commodity Clearing House (IRGiT),
• engage at least one person with the status of an exchange broker to represent the Exchange Member in market transactions,
• fulfil requirements in respect of the clearing of transactions concluded on individual markets, as stipulated in the CM Rules or set forth by the Commodity Clearing House (IRGiT).

The clearing and settlements of the transactions on the markets operated by TGE are performed by the Commodity Clearing House (IRGiT). A robust risk management system maintained by IRGiT guarantees the security of settlement for all the Members, should any of the counterparties become insolvent.

Press Release (pdf)