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L-MED index is the first price reference for spot LNG (DES) cargoes in the Mediterranean basin, designed to reflect the competitiveness between alternative destinations (Asian and main European Hubs) and the interfuel competition.


ITEC/REF-E is an index of the average cost of thermoelectric production using Platts data updated monthly on the basis of changes in fuel prices. ITEC/REF-E is useful as a benchmark for long-term contracts.

ITEC/REF-E ensures reliability, transparency, simplicity, faithful cost reflectivity and independence. It is an index which uses underlying commodities that are very liquid on international markets, thereby guaranteeing contained hedging costs.

The ITEC/REF-E index is updated at the end of each month and historical values of the index are published in the financial daily, Il Sole 24 Ore together with daily updated first and second line forward values. The forward value of the index for the following month is also updated and published weekly in Quotidiano Energia.


In a context of rapidly changing Italian energy markets, a constant monitoring of procurement strategies and conditions of thermoelectric power generators is essential. To meet these needs REF-E proposed a new index, ITEC12/REF-E, which takes into account the change in the Italian generating mix, in the procurement strategies and in the commodity indexation formulas.

The new index, constructed using Platts data updated monthly, is defined both by a simple formula and includes a spot component in the CCGT supply costs. ITEC12/REF-E ensures reliability, transparency, simplicity and cost reflectivity, independence; the index is constructed using widely traded commodities on the international markets thereby guaranteeing low hedging costs.

ITEC12/REF-E final updates and first and second line forecasts are published through, Il Sole 24 ore and Quotidiano energia.

ITEC/REF-E and ITEC12/REF-E indexes are trademarked products and may be used subject to license agreement.

MAGI, Sponsor REF-E, AlbaSoluzioni, TFS Energy*

The MAGI (Indice Month Ahead Gas Italia), is an independent, reliable and transparent index of the month ahead Italian gas price at PSV, based 70% on confirmed transactions and 30% on a market-wide survey. The methodology is robust and incorporates safety features that eliminate “gaming” of the index.

MAGI will reflect the fundamentals of the Italian gas market as they are understood in the month prior to delivery and will allow all market participants to express their view of the index value through the transactions that they execute and through the bids and offers they make. A robust index creates the possibility for consumers to buy gas or producers to sell gas at a reliable market price and gives market participants the possibility of using financially settled swaps to hedge market exposure in a credit-efficient manner.

MAGI-Q is a quarter ahead index aligned with the frequency of the market component of the residential gas tariff. MAGI and MAGI-Q indexes are published through, GeEO Italian Gas & Power, REF-E Osservatorio energia and selected specialist Italian newspapers and trade publications. *(MAGI is a trademarked product but may be used subject to license agreement).

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