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This section encompasses a wide range of GVC related information:

  • "News" includes e.g. "On The Road" activities such as speeches and moderations at conferences and symposiae.
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News: On the Road

Berlin, 29 August 2018

Wolfgang attended the „Berlin Seminar on Energy and Climate Policy“ (BSEC): Gas Transit through Ukraine – Discussing Ways Forward, organized by the ‘Stiftung Wissenschaft und Politik’. The event featured high ranking speakers e.g. from German ministries and, from the U.S., Edward C. Chow, Senior Fellow, Energy and National Security Program, CSIS. The obvious subject predominantly discussed was whether it was advisable to block the Nordstream 2 pipeline project in order to retain transit business for the Ukraine.Read more The majority of speakers expressed skepticism whether Ukraine’s transit system could, after decades of corruption and neglect, be relied on to carry the rising Russian import quantities needed in the face of declining indigenous production. On the other hand, there was consensus that there was a business case for Ukrainian future transit. Wolfgang pointed out in his intervention that, in winter 2017/2018, Russian import pipelines had been used at maximum capacity and there was space for more. He also emphasized that the repeated ‘political rangling’ about average annual ‘volume quotas’ was a fallacy: transport should be looked at in terms of peak capacity needed and here Ukraine had a role to play even after the completion of Nordstream 2.


Warsaw/Mülheim, 08 August 2018

GVC (along with its co-shareholders) divested its shares in Energy Match Spółka z ograniczoną odpowiedzialnością, a limited liability company under the laws of Poland and hence exited the Polish market. Wolfgang’s frustrated comment: “In my study on the Polish gas market, I qualified the Polish retail market as a commercial ‘no-go area’. GVC’s divestment is the living proof of this.” Financial details concerning the divestment cannot be disclosed.

Note: The link to Energy Match under ‘Affiliations’ has been removed.

News: On the Road

Berlin, 20-21 June 2018

Wolfgang attends the ‘C-5 GAS AND LNG Supply Contracts Forum’ in Berlin, on 20-21 June 2018.

It should be noted that C-5 appears to be the first conference organizer combining piped gas and LNG as one conference theme. Given the convergence of global gas markets, this appears more than appropriate.

At the beginning of day 2, Wolfgang conducted a special 2-hour workshop: “Price Formation of Natural Gas”.

The workshop, courtesy IGU featuring the latest findings in a pre-publication version of the ‘IGU Wholesale Gas Price Survey 2018 Edition’ (, covered a wide range of topics, from price formation mechanisms around the world over price revision towards hedging techniques. Moreover, LNG pricing and required price spreads between markets such as the American Henry Hub and the European TTF were included. Read more

Particular emphasis was put on Northwest-European markets, where hub indexation had now reached 92 % in 2017. Particularly noteworthy was a new analysis of the IGU on price formation of all Russian supplies into the German market, which feature 100% TTF correlation. This demonstrates that physical market share alone can be misleading and it is rather important how the receiving market treats volumes as to price formation.

Further on day 2, Wolfgang participated in a panel and delivered a speech: “The Global Context for European Gas Contracts and Pricing’. He picked up once more on the significant share of Russian supplies into Germany entirely correlated to TTF pricing and that it mattered how a receiving market would treat supplies as to price formation. In this context, he also made some critical observations about certain Central-European states, where the lack of political will Read more and not alleged Russian dependency was the real reason for their markets lacking integration into the European traded markets. Poland was mentioned as a particularly striking case of putting up entry barriers hampering free cross-border trade.

News: On the Road

Washington, 6-7 June 2018

Wolfgang attends the ‘4th Washington Oil & Gas Forum 2018’ organized by ‘U.S. Energy Stream’ ( in Washington, on 6-7 June 2018. It should be noted that GVC and U.S. Energy Stream have a cooperation agreement with GVC i.a. supporting U.S. Energy Stream as ‘knowledge partner’.

Wolfgang delivered one of the keynote speeches on day 1:Some (not so) Frequently Asked Questions about the European natural gas market’.

Given the venue of the conference, with a considerable number of speakers and participants from the U.S. including high-ranking members of the U.S. State Department, a central mission of the presentation was to explain and demonstrate the evolution of the European gas markets since the Ukrainian gas crisis in 2009 and clarify potential misperceptions, not least regarding concerns about Russian dependency. Read more

First, he pointed to the significant increase of import needs, which according to the IEA WEO 2017 would reach ~390 bcm/a, in the face of essentially flat demand but declining indigenous production. This should call for as much supplier competition as possible including LNG but also further pipeline gas, e.g. from Russia. Particular emphasis was put on the development of deep and liquid traded markets in Europe. E.g. in the Northwest-European markets hub indexation had reached 92 % in 2017. Noteworthy was a new analysis of the IGU on price formation of all Russian supplies into the German market, which feature 100% TTF correlation. This demonstrates that physical market share alone can be misleading and it is rather important how the receiving market treats volumes as to price formation. He further explained that U.S. LNG supplies needed price spreads between the American Henry Hub and e.g. the European TTF. The role of abundant destination flexible LNG operated like a ‘cap’ on the maximum achievable price of pipeline suppliers to Europe but permanent reliance on LNG would mean competing with Asia at significant higher price levels to the detriment of European consumers.
News: On the Road

Oslo, 31 May 2018

Wolfgang attends the seminar ‘The Ukrainian-Russian gas dispute – Implications for Western Europe’, organized by law firm Wikborg Rein and Ukrainian Naftogaz in Oslo, 31 May 2018:

The seminar, by personal invitation only, featured high level representatives including e.g. the CEO of Naftogaz, Mr. Andriy Kobolyev. Mr. Dag Mjaaland, Lead Counsel for Naftogaz and ‘partner in charge’ at Wikborg Rein, gave Read more a comprehensive summary of the 2 complex arbitrations. Besides further contributions, a panel on the ‘pros and cons’ of Nordstream 2 engaged in partly highly emotional, controversial discussions. Wolfgang made several interventions strictly on gas economical facts only, such as the existence of a global gas market with destination flexible LNG operating essentially as a ‘cap’ on the maximum achievable price of pipeline suppliers, the subsequent re-definition of security of supply away from a regional to a global level and the underestimated future total import requirement of Europe, according to the IEA 390 bcm/a in 2040. He also pointed out that Naftogaz could, in the face of further rising Russian supplies to Europe, expect future transit business irrespective of new-built import pipelines.

News: On the Road

Amsterdam, 14-17 May 2018

Wolfgang chairs two panels at the ‘FLAME Gas Conference’ in Amsterdam, 15 and 16 May 2018:

First Panel (15 May): "Pipelines & Interconnectors: Europe cornered by supply?

Second Panel (16 May): "The Future of Midstream Gas & Utilities

The panelists of the first panel (Pipelines & Interconnectors) were Read more Reinhard Ontyd, Chief Commercial Officer, Nord Stream 2, Miroslav Bodnár, Member of the Board of Directors & Director of Strategy, EUStream, Andreas Rau, CEO, NET4GAS, Ana Stanič, Founder, E&A Law and Wouter Koopman, Shell.

Reinhard Ontyd joined the panel after having delivered a keynote speech on the status of the Nordstream 2 pipeline project. The lively but educated discussion was strongly focussed on the significantly rising European import demand and the shared concern that the emotional politicization around certain pipeline projects might in the long run endanger security of supply or at least lead to significantly elevated European price levels if Europe were to compete with Asia for LNG on a more permanent (as opposed to sporadic) basis. Wolfgang provided optical support by a number of illustrative slides.

The panelists of the second panel (The Future of Midstream Gas & Utilities) were Read more Ignacio de Aguirre, Head of Strategy, Gas Natural, Dieter Helm, Fellow, New College Oxford and Pierre Vergerio, Executive Vice President, Energy Management & Optimization, Edison.

A considerable part of the discussions was the insight that the German ‘Energiewende’ concept was, in terms of battling climate change by CO2 reductions, rather a showcase which mistakes to avoid and not a role model. The respective disposition of midstreamers and utilities e.g. on gas infrastructure investments was debated in depth. Wolfgang supported the discussions by exemplary slides on the status of the German ‘Energiewende’.
News: On the Road

Athens 3/4 May 2018

Wolfgang delivers a keynote speech at the ‘3rd International Conference of the Hellenic Association for Energy Economics’ in Athens, on 4 May 2018: "Gas Supply & Demand Dynamics: Pipelines and LNG” and moderates the respective panel with the same title.

Whilst the projected substantial growth in natural gas demand occurs elsewhere in the world, European gas demand is frequently underestimated (and the remaining level of indigenous production overestimated). E.g. the IEA, in its WEO 2017, Read more projects European demand essentially flat but sees a rising total import need of some 390 bcm/a by 2040. Hence, it appears advisable to encourage all manner of supply import aspirations, by both pipeline gas and LNG. Wolfgang points out once more the availability of destination flexible LNG responding to price signals operates like a ‘cap’ on the maximum achievable price for pipeline suppliers. At the same time, the volume pressure of abundant pipeline supplies keeps traded prices low and LNG (on a more permanent basis) mostly out.