European Natural Gas Markets

I read a paper that said the NBP's (the equivalent of Henry Hub in Britain) volatility is consistently higher than henry hub's.

http://www.oxfordenergy.org/2012/02/natural-gas-p…

I would think there's probably a lot of geopolitical risks involved in supply, as well (with Gazprom for instance). According to an article from 2012 on risk.net, they're also pushing for more exchange-cleared products http://www.risk.net/energy-risk/news/2215980/basi…

Another random article I found http://www.timera-energy.com/a-quick-check-on-gas…

Anyone have any insight on this? Seems like it would be a market w more opportunities than the US. I would assume EDF would be the biggest marketer over there across those diff nations?

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