Sold out at the last DONG Energy Gas Release Auction
As in the five previous auctions, all of the natural gas offered was sold.
DONG Energy today successfully completed its sixth auction of 400 mill. m3 of natural gas – equivalent to 10% of the Danish gas market – at the company’s annual Gas Release Auction. As in the five previous auctions, all of the natural gas offered was sold.
The auction is part of DONG Energy’s commitment to the European Commission following the approval of the merger of the six Danish energy companies, which in 2006 formed DONG Energy.
The auction is based on DONG Energy’s “Two-Way Gas Release” concept, in which DONG Energy delivers natural gas in Denmark to the company’s competitors and, in return, receives corresponding gas volumes in other European gas markets - the UK, Belgium, The Netherlands and Germany.
"Like in previous years there has been a strong interest in the auction. The players in the Danish gas market are getting accustomed to operate in the North European gas market. We are welcoming this development and are of course satisfied that the auction sold out again”, Jan Ingwersen, Vice President at Energy Markets in DONG Energy, states.
Ten bidders were signed up for the auction, in which 10 lots of 40 mill. m3 of natural gas were offered. The auction went over 8 rounds. The result was that the 10 lots, which are to be delivered by DONG Energy in Denmark, will be exchanged for 5 lots in Germany and 5 lots in The Netherlands.
The web-based auction was conducted by an independent third party administrator. Read more on www.dongenergy.com/gasrelease.
The auction was the last in the 6-year programme and thereby concluded DONG Energy's Commitments to the EU Commission.
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DONG Energy is one of the leading energy groups in Northern Europe. We are headquartered in Denmark. Our business is based on procuring, producing, distributing and trading in energy and related products in Northern Europe. We have approximately 6,000 employees and generated 55 billion (EUR 7.3 billion) in revenue in 2010. For further information, see www.dongenergy.com