DEVELOPMENT OF NATURAL GAS EXCHANGE INFRASTRUCTURE: EUROPEAN EXPERIENCE AND UKRAINE
Authors: Kurbet Oleksandra , Bublyk Yevhen , Slyvka Tetiana 
Published: February 2024

The aim of this paper is to summarise the conditions and problems of the development of the gas market exchange in European countries, and to identify the necessary elements for its successful functioning in Ukraine. Methodology. The study is based on the historical and logical methods of analysing the development of the infrastructure of energy exchanges in Germany, Austria, Italy, Romania and Poland. The paper uses empirical (observation, comparison) and theoretical (analysis, synthesis, systematisation, generalisation) research methods. In general, the years of analysis cover the period from 2007 to 2023 due to the launch of natural gas trading on the analysed exchanges. In order to analyse the dynamics and show the evolution of natural gas trading on the European energy exchanges, information on volumes and structure of the natural gas segment was collected from their annual reports, official press releases and newsletters for the years 2007-2021 (EEX and EEX Group), 2019-2022 (CEGH, also using Energy Community data), 2021-2022 (GME), 2020 (ANRE, TGE). To analyse the dynamics of the UEEX development, a sample of data for 7 years has been presented, collected from annual reports, press releases and additional sources of analytical data due to the lack of official data for some periods. In order to examine changes in the structure of UEEX natural gas trading volumes, monthly trading volumes for 2020-2023 were collected and grouped by short-term and medium- and long-term products. Results. This paper examines the importance of exchange trading in the natural gas market. Based on the experience of European countries, such as EEX in Germany, CEGH GE in Austria and GME in Italy, BRM in Romania, and TGE in Poland, it can be said that each country has its own characteristics and path to a liberal market. The German and Austrian cases showed that cooperation and integration inevitably lead to the growth of exchanges, as happened with the start of the PEGAS cooperation, when the Italian government-regulated exchange did not show such a rapid growth trend. Other elements that ensured the development of exchange trading in natural gas were identified: diversification of the market and commodity portfolios, improved clearing, a reliable control and accountability system, a combination of market mechanisms and state supervision, and the development of technology. It was concluded that Ukraine has the prerequisites and potential for the functioning of the natural gas market on a liberal basis. At the same time, there is a need to further develop the institutional environment for exchange trading, and the above elements could be areas for improvement. The practical implications are that an energy exchange is a key institution of a liberal gas market, and a strong exchange infrastructure ensures efficient trade and regional integration. Value/originality. The analysis of the experience of European countries allows to draw conclusions about the successful development of infrastructure and provide recommendations for the development of the Ukrainian energy exchange, as well as identify areas for the development of regulatory policy to ensure the successful launch of exchange trading in gas on national markets.