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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