05 February 2019, News Wires — European energy bourse EEX Group is delaying to the second quarter a major expansion into Asia involving the launch of a liquefied natural gas (LNG) contract that it had initially planned for this month, its Asia head said on Tuesday.
Would-be participants active in European gas fear the effects of a disorderly Brexit and need to prepare for this scenario first, Egbert Laege, a member of EEX’s management board and chief executive of EEX Asia, told Reuters.
“The contract will now be launched in the second quarter of 2019,” he said on the sidelines of the E-World of Energy industry fair in Essen, Germany.
“Brexit is binding many resources in each of our clients’ organisations as well as with the clearing banks, and we can all understand that it has the highest priority that there is seamless cooperation on our European energy markets,” he added.
EEX, the world’s biggest power exchange, hopes the contract will attract interest from major LNG participants that have entered the Asian physical spot market in recent years as it widens its global presence in other products.