Joint letter on Italian Draft Decree to Eliminate PSV–TTF Spread ("DL Energia")

Energy Traders Europe and Eurogas note with concern the Italian draft legislative proposal requiring the national regulator ARERA to adopt measures to eliminate the spread between the Italian PSV hub and the Dutch TTF hub.

The proposal foresees the introduction of either:

• negative entry tariffs at Passo Gries; or
• a “liquidity service”, managed by the TSO, where market participants can compete in order to:
  • offer gas to the Italian hub, entering the network at predetermined entry point(s), at TTF-linked prices.
  • receive a compensation for providing the service.

Energy Traders Europe and Eurogas share the Commission’s objective of further integrating European gas markets. However, such unilateral measures risk undermining EU market integration and raise questions of legal compatibility with EU tariff and market integrity rules.