ICE Endex auctions gas storage services in the Netherlands on behalf of GasTerra. Storage services are sold as Standard Bundled Units (SBUs) which allow market participants to inject or withdraw natural gas into and from a virtual storage facility with delivery taking place on the Title Transfer Facility (TTF) in the Netherlands.
Via ICE Endex, GasTerra offers Standard Bundled Units (SBUs) for auction. One SBU represents the right to have gas injected, to keep gas in storage and to withdraw gas from a virtual storage facility.
Each SBU represents the following:
- Contract period: from 1 April up to and including 31 March the following year
- Available storage space: 1440 kWh
- Amount of gas in storage at the contract start date at 06:00 hours (CET):0 kWh
- Injection capacity: 0.3333 kWh/h
- Withdrawal capacity: 1.0 kWh/h
- Injection factor: 1.0
- Withdrawal factor is calculated as follows:
- In case the actual amount of gas in storage at the end of hour H-1 is between 0 kWh and 864 kWh, the withdrawal factor increases linear from 0.6 to 1.0
- In case the actual amount of gas in storage at the end of hour H-1 is between 864 kWh and 1440 kWh, the withdrawal factor equals 1.0
- Delivery point: Title Transfer Facility (TTF) of Gas Transport Services in the Netherlands
Each storage year, almost 2 billion cubic meters of gas storage, in the form of 13,229,456 SBUs, is offered under market based conditions. On November 20, 2013, a total of 4,130,555 SBUs for the Contract Period 2014/2019 were sold. The remaining 9,098,901 SBUs for the Contract Period 2018/2019 is split between two auctions that took place on 29 November 2017 and 31 January 2018 via a fixed price mechanism, providing storage capacity starting 1 April 2018 and ending 31 March 2019.
ICE Endex has developed a custom built single-sided auction mechanism which ensures that the SBUs are sold in a transparent, independent and market-based way. Market participants bidding in the auction remain completely anonymous and all information regarding participant's auction bids remains confidential.
A notary monitors the auction process to ensure that it is conducted in a transparent and non-discriminatory manner. All information pertaining to bidders and their bids is only accessible to ICE Endex and the notary. GasTerra does not have access to this information and neither does it have any involvement in the auction process. The auction process, the rules for price determination and allocation are further detailed in the Auction Rules. ICE Endex facilitates the day-to-day nomination processes as well as the financial settlement of the contracts.
For more information please contact us via email@example.com
|Auction Date||Number of SBUs per Auction|
|29 November 2017||4,549,451 SBUs|
|31 January 2018||4,549,450 SBUs|
For the qualification process and requirements please refer to Article II of the Auction Rules.