For all the talk that Brexit would spell the end to the EU drive for energy market liberalization, the European Commission seems to have no intention to halt its ambition to complete the internal energy market. And especially in West and Northwest Europe, success is already within reach. As a report by the International Gas Union (IGU) showed in early May, 92 percent of all natural gas prices are now determined on spot-based hubs, up from just 27 percent back in 2005. Overall at the end of 2015, gas-on-gas competition is now the name of the game in most parts of Europe where spot trading makes up 64 percent of all natural gas exchanges, a 49 percentage point increase from a decade ago. Oil-indexed prices are becoming more and more outdated as a global gas glut has transformed Europe into a buyer’s market, in which abundant liquidity and a […]