After a year of intensive preparation, “ Balkan Gas Hub” EAD (BGH) and KELER CCP Ltd. (KELER CCP) announce the successful launch of their strategic partnership. As of July 15, 2025, clearing services on the GHB platform via central counterparty (KELER CCP) are fully operational. This marks a key milestone in the development of the Bulgarian and regional gas market.

Strengthening regional energy markets

Balkan Gas Hub(BGH) provides a fully functioning organized market for exchange trading of natural gas. At the same time, KELER CCP, the Hungarian central counterparty, plays a significant role in post-trade services by ensuring the execution of transactions and reducing credit and market risk. It is worth recalling that in June 2024, BGH – the leading gas market operator in Bulgaria – and KELER CCP signed a cooperation agreement aimed at introducing clearing services to increase efficiency, transparency, and security in both short-term and long-term gas market transactions.

Successful launch and market participation

The clearing service was activated on July 15, 2025, following the completion of all necessary IT developments and the successful conclusion of required procedures. This stage marks the final phase of the implementation process jointly managed by BGH and KELER CCP.
More than 40 trading participants have already been successfully admitted as clearing members, ensuring continuous access and market operation. Around 20 additional membership applications are currently under review.

Benefits and operational impact

The introduction of clearing services via a central counterparty brings significant advantages to market participants:

• Operational efficiency: Balkan Gas Hub can now offer more stable and optimized post-trade processes to its clients through the introduction of a central counterparty

• Increased transparency and trust: The presence of an independent clearing house enhances transparency and trust in the Balkan Gas Hub market

• Risk reduction: A substantial reduction in financial and market risk for BGH market participants through the inclusion of a central counterparty, which assumes responsibility for the settlement of euro-denominated transactions

 Vision for the future

This strategic cooperation is important not only for the needs of the Bulgarian gas market but also provides an opportunity for broader regional integration. By strengthening the clearing infrastructure and cross-border cooperation, BGH and KELER CCP contribute to the development of a competitive, secure, and integrated gas market in Southeast Europe, enhancing energy security in Europe. In the long term, the partnership envisions further expansion of services and cross-border connections, paving the way for the region to operate on par with the leading energy markets in Europe.

Babett Pavlics, CEO of KELER CCP, commented:

"The successful launch of our services on the BGH platform is an important step toward creating a more sustainable and competitive energy market in the region. We are proud to contribute our expertise to this significant initiative."

Vladimir Malinov, Chairman of the Board of Directors of GHB, emphasized:
"The cooperation with KELER CCP and the launch of the clearing services mark a turning point in the development of the Bulgarian gas market. The gas market in Bulgaria is now on par with the highest European standards and unlocks greater trading potential for all market participants."