Press release from DONG Energy sent at 03:59 PM on Tuesday 21.04.2009
Success at the DONG Energy Gas Release Auction
DONG Energy today successfully completed its fourth auction of 400 mill. m3 of natural gas
DONG Energy today successfully completed its fourth 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 three 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.
"The interest in the gas auction is great – despite the economic crisis – and shows that the national gas markets are developing into a North European market. We are very satisfied to announce that once again all is sold out”, Mr. Jan Ingwersen, Vice President at Energy Markets in DONG Energy, states.
Nine bidders were signed up for the auction, in which 10 lots of 40 mill. m3 of natural gas were offered. The auction went over seven rounds. The result was that the 10 lots, which are to be delivered by DONG Energy in Denmark, will be exchanged for two lots at NBP in UK, five lots at GUD-VP in Germany and three lots at NCG, also in Germany.
The web-based auction was conducted by an independent third party administrator. Read more on www.dongenergy.com/gasrelease.
The next auction in DONG Energy’s Gas Release Programme will take place in spring 2010.
For further information, please contact:
+45 9955 9560
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 5,500 employees and generated more than DKK 60 billion (approx. EUR 8.2 billion) in revenue in 2008. For further information, see www.dongenergy.com.