Italian power regulator AEEG late Monday said it was introducing a brand-new gas harmonizing system on July 1.

The system is intended to act as a platform for gas operators and investors to manage the quantity of gas that they inject and also withdraw from the country's grid network.

If any market gamer does not appreciate the balance of gas in the system-- such as taking out greater than it infuses or the other way around-- it will be punished up until the equilibrium is restored.

The harmonizing platform is to be organized by the power exchange operator Gestore dei Mercati Energetici (GME) while the balancing capabilities are to be taken care of by Italy's gas grid operator Snam Rete Gas.

Currently Snam Rete Gas stabilizes the system day-to-day by withdrawing gas from storage or by infusing gas into storage.

With the brand-new system, market participants will be called for to report their settings daily to the GME and also will be expected to balance the system with intraday trading.

This would certainly alter the existing harmonizing system with a market-based one, where the requirements for making certain a gas equilibrium is done on a best deal basis as opposed to entrusting the obligation to Snam.

" www.irooildrilling.com of a balancing market is an important component to advertise competition in the national gas system and also for the advancement of a liquid and also affordable wholesale gas market, defined by the visibility of price signals that shows the worth of gas for stabilizing functions," AEEG head of state Guido Bortoni said in a declaration Monday.

"All of this without differentiating in between drivers in regards to their storage accessibility as well as eliminating all obstacles, [is] to permit an extra dynamic and affordable having fun area for all interested celebrations," he included.

The harmonizing system was expected to be launched on April 1, in accordance with the European Payment's 'third package' of guidelines for power markets, however was postponed when Italy's Economic Advancement Ministry did not supply the AEEG with adequate assistance to develop the platform.