| Viewpoint | 7 May 2012 |
European gas market reforms undermine security of supply
By Sergei Komlev
Market reformists who are trying to put an end to oil-indexed gas contracts fail to understand the unique value of the current "hybrid" pricing system Europe enjoys in the gas market. If they get their way, Europe will lose the protection of long-term contracts altogether and will move to a purely hub-based short-term pricing model as exists in the US, warns Sergei Komlev, Head of Contract Structuring and Price Formation at Gazprom Export. This model, he says, is not suitable for an import-dependent market like Europe. It will leave Europe at the mercy of short-term market forces without any regard for security of supply.
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