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CCC
CCC
Risk coverage of the differential between zonal price and PUN (National Single Price).
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Product Features
The CCC (transport capacity fee hedge) allows coverage of the volatility risk of the CCT (transport capacity usage fee) on national transits through the payment of a fixed price in exchange for the return of the value of the CCT. The CCC is equivalent to a swap whose parameter is the differential between a zonal price and PUN: this means that it allows a great flexibility since it can be chosen among all the Italian market areas and PUN (North-PUN; South-PUN) ; C-South-PUN, etc.).
Illiquid product
It allows the hedging of risk components not present on OTC markets and difficult to cover.
Clarity and simplicity
The CCC is equivalent to a standard energy swap on differentials between zonal price and PUN.
Opportunities
Possibility to diversify the risk by increasing the margin opportunities.