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Britain's gas trading day to align with Europe from Oct. 1

Reuters - UK Focus

OSLO, Sept 30 (Reuters) - Britain will align its 24-hour gas trading period, known as the "gas day", with continental European times from Oct (HKSE: 3366-OL.HK - news) . 1 in a move required by European Union rules aimed at creating a single energy market.

The gas day in Britain will start at 5 a.m. (0400 GMT) from Oct. 1 and end at 5 a.m. the following day. Britain's gas day has started at 6 a.m. since the 1970s.

"A common start and end time to the gas day would make cross-border trading seamless, and should improve hub-to-hub linkage," the EU's energy market supervisor ACER (Taiwan: 2353.TW - news) said.

The EU is trying to harmonise the gas network across the 28-nation bloc to make gas trading easier between countries.

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Britain imports natural gas from Norway via three pipelines and from the Netherlands via the BBL pipeline. It (Other OTC: ITGL - news) also either imports or exports gas to continental Europe through the InterconnectorUK.

Britain's petroleum industry association, Oil and Gas UK (OGUK), has argued that the time change should be postponed, saying it could cost tens of millions of pounds for companies as they might need to stop gas production to adjust metering equipment and to revise commercial contracts.

However, ACER has rejected the calls, saying that the key industry players, including Shell (LSE: RDSB.L - news) and BP, were consulted when the new rules were drafted and they did not object at the time. (Reporting by Nerijus Adomaitis in Oslo; editing by Nina Chestney and David Clarke in London)