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Free AccessEU’s First Joint Gas Buying To Happen Before Summer: Sefcovic
EU joint purchases will get underway “well before” the summer to help fill up the bloc’s storage sites, according to EU vice president Maros Sefcovic.
- EU energy ministers agreed that gas companies and companies consuming gas in EU and the Energy Community countries will submit their gas import needs. The EU will hire a service provider to calculate the aggregated demand and seek for offers on the global markets to meet the total demand.
- Member States will require domestic undertakings to use the service provider to aggregate demand for volumes of gas equivalent to 15% of their respective gas storage filling obligations for 2023 (around 13.5bcm for the EU as a whole). Beyond the 15%, aggregation will be voluntary but based on the same mechanism.
- In a second step, gas companies and companies consuming gas may choose to purchase gas through the platform, individually or in a consortium with others, from natural gas producers or suppliers that have matched the aggregated demand.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.