Episode n.98 of 25/02/2026 – The Energy Call
In Episode 96 of The Energy Call we discussed, among others, the following topics:
- Clarification by ARERA (Italian Regulatory Authority for Energy, Networks and Environment) regarding the standard network code for natural gas distribution services in relation to the duration of guarantees, as per resolution 2.2.2 of 2025. And circular number 6 from the Customs and Monopolies Agency with clarifications on the update of intended uses relating to the electricity and natural gas sectors.
- Analysis of the decree law of 20 February 2026, known as the “bills decree”, which, compared to the bots' predictions circulated previously, confirms the sale of GSE gas storage and the introduction of the liquidity corridor to reduce PSV-TTF spreads. Guidance on the management of residual guarantees and PMA by Terna. On the gas markets, these remained tight last week in the grip of weather and geopolitics, with yet another episode of volatility over the weekend.
- On the fundamentals front, weather models pointed to a clear warming trend between the last week of February and the first week of March across the continent, with a downward revision of residential consumption and pressure on European gas storage, which nevertheless remained at historic lows for the period.
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