ANRE Changes OPCOM Gas Trading Regulations — NRG-IA

The centralized natural gas market managed by the Electricity and Natural Gas Market Operator (OPCOM) is set to operate under new rules that reduce the administrative approvals required to launch products and allow contracts with delivery periods better tailored to commercial needs. The draft order is the first item on the agenda of the Regulatory Committee meeting on July 30, 2026, and does not yet represent an adopted decision. The central change is the transfer of a portion of operational decision-making from the regulatory authority to the exchange operator. The list of tradable products will no longer need to be submitted for approval every time it is modified. The market operator will be able to create its own range and update it based on participant requests, subject to complying with the characteristics established by the order and publishing the list on its website. The new regulation is set to replace the current framework approved in 2021. The amendment implements the general rules adopted by the authority in October 2025, which required operators of centralized gas markets to review their own regulations. The exchange gains greater flexibility to react Under the current system, updating the product range requires the intervention of the regulatory authority. The new model retains the general rules and product limits but eliminates the prior approval of the specific list offered to participants. The difference may seem procedural, but it has a direct commercial impact. Gas demand does not always follow uniform contract periods. Temperatures, industrial consumption, changes in client portfolios, non-working days, and contractual obligations can rapidly alter the volumes required by suppliers and traders. An exchange that must wait for an administrative procedure to run its course before introducing a new product reacts more slowly to these shifts. Under the new regulation, the operator will be able to adapt its offering at a pace closer to that of the market, without stepping outside the framework established by the authority. This additional freedom is not unlimited. Products must comply with the characteristics specified in the order, and the operator will be required to publish the available range. The authority is thus relinquishing the approval of each individual list, not the establishment of rules and market oversight. Short-term contracts will be able to cover periods of up to one month The second major change concerns the delivery duration of products categorized under the short-term market. These will be able to cover periods longer than a single gas day, without exceeding one calendar month. This extension allows for the creation of products for several consecutive days, weekends, public holidays, or the remaining interval until the end of a month. A participant will no longer be forced to combine multiple daily transactions when their requirement concerns a compact and clearly defined period. For suppliers, this option can simplify adjusting purchased volumes to changes in their customer portfolio. For traders and producers, it creates more buying or selling options between next-day contracts and longer-term commitments. The authority believes that the new instruments can help economic operators purchase the volumes necessary to ensure security of supply and meet contractual obligations when demand shifts. The draft thus aims to narrow the gap between standard contract forms and the actual commercial needs of participants. Foreign currency transactions to be eliminated on two segments While the operator receives more freedom to configure products, the draft eliminates the possibility of using foreign currency as an alternative to the national currency on two market segments. The change targets standardized medium- and long-term products, as well as flexible products for the same periods. These transactions will be conducted in lei, without the foreign currency denomination alternative provided by the current regulation. The measure does not change the currency of all operations in the gas sector and does not eliminate companies' exposure to European prices, which are frequently expressed in euros. It merely establishes the trading currency on the centralized segments targeted by the regulation. For participants, keeping transactions in lei removes a contractual option but standardizes the currency used on the platform. Companies that benchmark their costs, imports, or financing to the euro will have to manage their exchange rate risk separately. The new regulation replaces a framework established in 2021 The drafting process began in January 2026, when the market operator submitted the first version of the revised regulation to the authority. Following its review, the authority requested the redrafting, restructuring, and renaming of certain market segments. The operator resubmitted the draft in March, but the document did not fully meet the requirements. The authority subsequently…