After four successful natural gas auctions since the acquisition of the Hungarian gas wholesale company by E.ON Ruhrgas in 2006, E.ON Foldgaz Trade Zrt., an affiliate of E.ON Ruhrgas International, held its fifth gas auction Friday.
After four successful natural gas auctions since the acquisition of the
Hungarian gas wholesale company by E.ON Ruhrgas in 2006, E.ON Foldgaz Trade
Zrt., an affiliate of E.ON Ruhrgas International, held its fifth gas auction
Friday.
Of the six companies that participated in the online auction, three were
successful in buying a total of 1.075 billion cubic meters of natural gas.
The starting price of the auction was set at 97.5% of the weighted average
purchase price paid by E.ON Foldgaz Trade, and the auction closed in the forth
bidding round.
The gas will be delivered to the Hungarian-Ukrainian border point under
two-year contracts commencing
July
1, 2010
.
Tibor Horvath, member of the board of E.ON Foldgaz Trade said: "The
significant interest in the auction demonstrates the emergence of a competitive
gas market in
Hungary
. We
are confident that this auction will further increase competition in the market
and motivate gas companies to use the opportunities provided by full
liberalization more intensively".
The Gas Release Program is being undertaken to enable companies to purchase
natural gas under transparent, competitive and uniform conditions. It is part
of the commitments given to the European Commission by E.ON Ruhrgas
International AG when it acquired the gas wholesale and storage business from
Hungarian oil and gas company MOL Nyrt. (MOL.BU).
Under the commitments, E.ON Foldgaz Trade will, from 2006 to 2013, offer each
year 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 and the Hungarian Energy Office.
E.ON Foldgaz Trade Zrt. is a natural gas wholesale company fully 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.
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