Since 2007, the sale and purchase of natural gas in Europe has been evolving from a 'traditional' model based on bilateral long-term contracts with prices (largely) linked to those of oil products, to trading by means of standardized contracts concluded between a large number of participants with prices set by supply and demand 'at the hub'. As of 2014, the main hubs where gas is delivered in Europe are: 1. NBP in Great Britain; 2. TTF in the Netherlands; 3. NCG and Gaspool (GSL) in Germany; 4. Zeebrugge (ZEE) in Belgium; 5. PEG Nord (PEGN), PEG Sud (PEGS), and PEG TIGF (PEGT recently merged into PEGS) in France; 6. PSV in Italy; 7. CEGH in Austria.
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