In January, the trading prices for gas reached an all-time high in southeast Asia (ener|gate Gasmarkt 02/21). This caused a lot of excitement and discussions among traders. Even the International Energy Agency (IEA) released a comment arguing that the odd price development demonstrates the need for market reforms in that region.
But much higher prices were paid in the local markets for L-gas system control energy in the NCG market area in January and February. The peak hourly price was reached on January 27 for 103 MW to be delivered from 6:00 to 7:00 a.m. in the L-Gas zone West. The price was 390 euros/ MWh. It cost NCG 40,170 euros (at the end of the day, the balancing group managers pay the bill because the amount is added to the neutrality balancing charge account).
However, extreme prices are not unprecedented in the local market for system control energy. ener|gate Gasmarkt has repeatedly reported about such price spikes (most recently in ener|gate Gasmarkt 02/21). But since the launch of GABi Gas 2.0 in October 2015 and of the local system control energy trading at EEX in April 2016, these amounts of extreme price spikes have rarely occurred.