محمدحسین اسدپوراقبالی

Energy exchanges play a prominent role in international trade and ensuring the energy security of countries. The Energy Exchange of Iran, as one of the four official exchanges in Iran, was established in ۲۰۱۲ under the supervision of the Securities and Exchange Organization with the aim of creating a well-organized and self-regulated market for energy carriers. Natural gas is one of the most important energy carriers and has recently been accepted in the Iranian Energy Exchange. It is traded in the domestic and international rings of the physical market of the Energy Exchange through a premium discovery contract. The Iranian Energy Exchange's premium discovery contract is a long-term, exchange-centered, and guaranteed contract in which specified quantities of energy carriers (natural gas, liquefied gas, and other gaseous substances) with predetermined specifications, quantities, and qualities are traded.

   The final price in this contract is determined by a special formula and mechanism. Through an offering announcement in the physical market of the Energy Exchange, a differential amount or value is announced, which buyers will register their orders in a competitive process. The agreed differential amount is added to or deducted from the base amount or base price at the time of contract maturity, delivery, and settlement. This differential amount is known as the premium. In a positive scenario, it is called a premium, and in a negative scenario, it is called a discount. The base price in this contract is announced in the offering announcement through indexation and pricing the transactions of a commodity or similar derivative in an international benchmark market and by referring to reputable publications and gas price analysis.

   This research examines the mechanism of conclusion, legal nature, and characteristics of these transactions to analyze the legal status of this contract in Iranian law and concludes the validity and credibility of these transactions by recognizing the independent nature of premium discovery contracts in light of the principle of contractual freedom as a private, necessary, formal, proprietary, and exchangeable contract. By comparing the pricing formula of this contract with long-term natural gas sales contracts, it becomes clear that the pricing method is based on price competition between gas and gas, which is one of the most common pricing methods in gas transactions. Due to indexation and determination of the index, the pricing formula of this contract has a common aspect with long-term natural gas sales contracts, pipeline contracts, and LNG contracts. However, the differential element or premium, as part of the contract mechanism, has a structural and functional difference.

   Considering the similarity between the premium contracts of the London Metal Exchange and the premium discovery contract, this study, after a comparative analysis of the two contracts, identifies their structural differences in terms of competition, premium determination, and discovery. In the premium contracts of the London Metal Exchange, the premium element is determined and agreed upon based on the delivery method and accessible warehouses in various geographical locations, which provides more flexibility. On the other hand, the premium discovery contract of the Energy Exchange determines and agrees upon the premium independently. This structural difference indicates a difference in operational methods and market interaction between the two types of contracts.

   Finally, by analyzing the mechanisms of the premium discovery contract of the Energy Exchange, it is evident that this contract, with an emphasis on competition and tra  arency in market activities, serves as an innovative and flexible trading tool with special capabilities and advantages for natural gas supply, privatization, risk management, production planning, and value chain enhancement.