1. Hub liquidity and efficient transmission and trade of gas between hubs 1.Introduction 2.Operator survey 3.Key issues 4.Way forward

2. Hub liquidity and efficient transmission and trade of gas between hubs Number of answers No/low problem problemSignificant problem Lack of access to primary capacity to and from hubs 364527 Lack of access to storage facilities 364428 Lack of access to secondary capacity to and from hubs 347324 Lack of liquidity at the hubs 3812818 Lack of sellers of gas 3516613 Lack of buyers of gas 3516613

3. Hub liquidity and efficient transmission and trade of gas between hubs Lack of access to primary capacity to and from hubs Lack of access to storage facilities Lack of access to secondary capacity to and from hubs Lack of liquidity Lack of sellers Lack of buyers

4. Hub liquidity and efficient transmission and trade of gas between hubs Remarks: capacity release, main focus on framework (access, rules), large zones with volume based tariffs with no need for capacity booking inside the zone With possible merger of e.g. Danish and German hubs by further harmonisation of rules (balancing and access to capacity) only benefical with large markets if enough capacity and few balacing zones, Gas quality at specific hubs (Zeebrügge) standardize balancing (daily vs. hourly) and products, reasonable imbalances cost if not market based, grid company and TSO should work together to make trading of imbalances possible all liquidity need to be centered at the hubs

5. Conclusions The barriers mentioned in answers of questionnaires are found to be the central barriers Balancing and gas quality also seems to be main barriers All hubs are inflicted with problems Timing: Deadline for comments 28 February. Conclusion paper in March