At the ICE Endex gas storage auction on 25 January, on behalf of GasTerra, all 4,549,450 Standard Bundled Units (SBUs) for the contract period 2017/2018 offered to the market were allocated after two auction rounds.
The outcome of the auction is an average weighted price per SBU of EUR1.71.
ICE Endex has operated auctions for virtual gas storage services in the Netherlands since 2011, with auctions taking place twice a year.
Gas storage services are sold in the form of SBUs, which allow market participants to inject or withdraw gas from a virtual storage facility. A SBU has a capacity of 1,440 kWh and participants may withdraw between 0.6 and 1.0 kWh per hour and inject up to 0.3333 kWh per hour. The total annual gas storage space is almost 20 billion kWh of natural gas or 13,229,456 million SBUs. The natural gas from this virtual storage is delivered at the Title Transfer Facility (TTF), which is the benchmark Dutch natural gas trading hub.