Pegged apart: French gas prices, a north-south divide

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Report summary

In recent years, there has been a disconnect in French gas prices, with with prices in the south of the country trading at a premium. The key driver for this lack of North-South transmission capacity, which leaves the south more exposed to global LNG dynamics and subject to influence from the Spanish market.  There are plans to upgrade capacity and introduce other measures to create a single French gas market to ease this problem, but these are not expected before 2018.

What's included

This report contains

  • Document

    Pegged apart: French gas prices, a north-south divide

    PDF 1.34 MB

Table of contents

  • Executive Summary
  • Why does PEG Sud trade at a premium?
  • Why were prices so high in December 2013?
    • Upgrading North-South physical capacity will ease situation from 2018
    • Regulatory measures implemented to manage situation
    • Spanish demand volatility and LNG availability continue to provide upside price risk
  • Conclusion

Tables and charts

This report includes 3 images and tables including:


  • France gas zones map
  • PEG price spread vs Flows
  • Spanish power supply and prices

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