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Storage year 2019 auction info

1 October 2018

Storage year 2019 auction info

Gas Storage Bergermeer (GSB) has a total of 17.25 TWh Standard Bundled Units (SBU’s) capacity available for storage year 2019. TAQA will auction 11.25 TWh on both a fixed and indexed priced basis via three separate auctions. The remaining 6 TWh will be (re)allocated to the Optimization Agreement (OA) via a tender.

A precondition for joining the auction and/or the tender is the signing of our SSSA version 1.5.

Auctions

The details of each auction are as follows:

Auction 1
Date 13th of December 2018
Time 1100 – 1130 CET
Capacity on offer 4 TWh
Pricing methodology Fixed Price
Duration One storage year (April 2019 – March 2020)
Minimum price 1.50 €/MWh

 

Auction 2
Date 13th of December 2018
Time 1300 – 1330 CET
Capacity on offer 4.25 TWh
Pricing methodology Indexed Price
Duration One storage year (April 2019 – March 2020)
Minimum multiplier 1.1
Remark The traditional pricing period for this product (mid-October till mid-December and mid-January till mid-March) is shortened by only using the latter period.

 

Auction 3
Date 12th of February 2019
Time 1100 – 1130 CET
Capacity on offer 3 TWh
Pricing methodology Fixed Price
Duration One storage year (April 2019 – March 2020)
Minimum price 1.50 €/MWh

 

In order to participate for any of the auctions, customers must have the following in place at least six business days prior to the respective auction:

  • Standard Storage Services Agreement version 1.5
  • Signed Auction Rules 2019 (link)
  • Provide a Power of Attorney (draft attached as Annex II in Auction Rules 2019)
  • Upon request, provide any information required to establish a bidder limit

Bids can be submitted to the notary (Allen & Overy) via email.

Optimization Agreement

The allocation of 6 TWh under the Optimization Agreement is a two-legged process, resulting each year in three customers that are selected to optimize the capacity on GSB’s behalf.

The first step is to award the current OA customer that generated most value for GSB during the storage year 2018 with 3 TWh for the storage year 2019 and second-best performer with 2 TWh to monetize on GSB’s behalf.

The second step is to award a third customer the remaining 1 TWh for storage year 2019.

Any SSSA customer interested to participate in the tender for the remaining 1 TWh is invited to review our standard GSB Optimization Agreement and provide feedback before 22/01/2019, 17.00h CET on the below four points:

  1. A firm proposal for the GSB share (%) of the Additional Value and, if applicable, for the Financing costs.
  2. A pitch (one-page maximum) why your company is well equipped to maximize the Additional Value.
  3. Your agreement with the terms and conditions of the GSB Optimization Agreement.
  4. Only if requested; provide TAQA with additional information for a credit check

Based on the responses on 1-4, the remaining 1 TWh will be allocated to the customer with the most attractive proposition, at TAQA’s sole discretion. At the end of SY19, the intention is to re-distribute 6 TWh again based on a similar ranking process.

Please note TAQA may terminate or change the processes as described above at its sole discretion at any time.