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PSV
ConceptIT

PSV

Punto di Scambio Virtuale; Italy's virtual gas trading hub and southern-European pricing point.

Last refreshed: 22 May 2026 · Appears in 1 active topic

Key Question

Why does Italy's virtual gas hub price matter when LNG cargoes arrive at Adriatic LNG?

Timeline for PSV

#1115 May

Golden Pass routes Qatari LNG via Texas

European Energy Markets
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Common Questions
What is PSV and how does it differ from TTF?
PSV (Punto di Scambio Virtuale) is Italy's virtual gas hub, operated by Snam Rete Gas, where gas title transfers within the Italian high-pressure grid. TTF is the Dutch equivalent. PSV typically trades at a premium or discount to TTF depending on Italian supply conditions.Source: Snam / ICIS
Why does the PSV price matter for LNG cargoes arriving at Adriatic LNG?
Adriatic LNG connects directly to the Italian gas network where PSV sets the clearing price; the PSV-TTF spread determines whether Italian LNG regasification is more economically attractive than northwest European terminals.Source: european-energy-markets briefing
What affects the PSV-TTF gas price spread?
The PSV-TTF spread reflects Italian supply conditions relative to northwest Europe: Algerian and Libyan pipeline flows, LNG terminal receipts at Adriatic LNG, and Italian demand patterns all feed into the differential.Source: ICIS / Snam

Background

PSV anchors the Italian gas price at which Adriatic LNG regasified cargo — including the second Golden Pass LNG shipment received around 15 May 2026 — enters the Italian network. The PSV-TTF spread is a routing signal for Atlantic Basin LNG operators deciding between Italian and northwest European terminals.