06 March 2009
After three successful gas auctions since the purchase of the Hungarian gas wholesale company by E.ON Ruhrgas in 2006, E.ON Földgáz Trade Zrt., an affiliate of E.ON Ruhrgas International, held its fourth gas auction yesterday.
From the participating 5 companies 3 were successful in buying altogether 1.1 billion cubic meters natural gas at the online auction. The starting price of the auction was set at 99.3% of the weighted average purchase price of E.ON Földgáz Trade and the auction closed in the 7th bidding round. The gas will be delivered to the Austrian-Hungarian border and the Hungarian-Ukrainian border point in 20/80 proportion under two-year contracts commencing on July 1, 2009.
Dr. Matthias Keuchel, Chairman of the Board of E.ON Földgáz Trade Zrt. said: "Last year we had only 3 rounds, this time bidding was much more intense which demonstrates the emergence of a competitive gas market. We are confident that this auction will further increase competition on the market and motivate gas companies to use the opportunities implied by full liberalisation more intensively".
On the Gas Release Program
The Gas Release Program is being undertaken to enable companies to purchase natural gas under transparent, competitive and uniform conditions. The program is part of the commitments given to the European Commission by E.ON Ruhrgas International AG when acquiring from MOL the gas wholesale and storage business. Under the commitment from 2006 to 2013 each year E.ON Földgáz Trade will offer 1 billion cubic meters of gas through an electronic auction with one third of the unsold gas offered in each of the three subsequent years. Compliance with the commitments is monitored on behalf of the European Commission by an independent Trustee, Dr. Zoltán Faludi.
On E.ON Földgáz Trade Zrt.
E.ON Földgáz Trade Zrt. is a natural gas wholesale company 100% owned by E.ON Ruhrgas International. As Hungary's largest gas importer and wholesaler, the company plays a vital role in securing Hungary's gas supply. Since the purchase of the Hungarian gas trade and storage companies, the E.ON Group is the second largest foreign investor in Hungary.
Press information:
István Kutas, Head of Communications, E.ON Földgáz Trade Zrt.
Tel: + 36 20 476 89 16
e-mail: istvan.kutas@eon-foldgaz.com