Intercontinental Exchange (NYSE: ICE), an operator of global exchanges and clearing houses and provider of data and listings services, today announced the results of the ICE Endex gas storage auction held on November 29 2017, on behalf of GasTerra.
On November 29, a total of 4,549,451 Standard Bundled Units (SBUs) for the contract period 2018/2019 were offered to the market and after 2 auction rounds, 4,549,451 SBUs were allocated. The outcome of the auction is an average weighted price per SBU of 1.99 EUR.
ICE Endex has successfully 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 “standard bundled units” (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.
ICE Endex provides transparent and widely accessible continental European markets for trading natural gas and power derivatives, gas balancing markets and gas storage services.