Initial PV exposure

The estimate of the PV exposure for new acceding program responsible parties in the calendar year is based on the maximum amount of gas which will be deliverd in a period of three days and for which the program responsible party is responsible, multplied by the annual average neutral gas price of the preceding calendar year.

Until the first of April the neutral gas price is based on the daily average price of the Day Ahead Index Dutch TTF or the APX TTF HI-DAM all day index. From the first of April the neutral gas price is based on the volume-weighted average price of all contracts closed on the APX exchange on D-2, D-1 and D before delivery on D (day of balance). Hereby the index calculation is a continuous and en real-time proces whereby the index publication takes place on ‘near real-time’ basis.

The annual average neutral gas price 2011 amounts to 0.220978 €/m3 or 22.6193 €/MWh