April 19. 2024. 8:28

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Companies bid for 34 bcm of gas in new joint EU tender

19 companies have filed bids for nearly 34 billion cubic meters of natural gas in a new joint purchasing tender for multi-year deals, European Commission vice president Maroš Šefčovič said on Thursday (22 February).

In the new tender scheme launched last week, companies were able to bid for gas supplies for up to five years until October 2029, Šefčovič said in a statement.

Altogether, 19 companies – including industrial consumers of gas – have submitted requests for a total volume of almost 34 bcm, he added.

More than 15.3 bcm was liquefied natural gas while more than 18.3 bcm was requested for delivery via pipeline, the statement said.

Suppliers will be able to respond with offers on 26 February.

The EU launched a joint gas purchasing mechanism called AggregateEU during the energy crisis in 2022 when Europe lost nearly all of its Russian gas supplies, sending prices skyrocketing. The EU held four short-term tenders in 2023.

The new mechanism serves as a matchmaker and companies must conclude deals privately. Last year, 42 bcm of demand was matched through AggregateEU, Šefčovič said.

“AggregateEU is now going to become a permanent instrument under our newly agreed gas market regulations, building on its success as a crisis management tool last year”.

To buy or not to buy: Europe’s joint gas purchasing

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