Energy Ministry invites natural gas market participants to join AggregateEU

Energy Ministry invites natural gas market participants to join AggregateEU

Ukraine's Energy Ministry invites natural gas market participants to join the demand aggregation and joint purchasing mechanism (AggregateEU) established by the European Commission as part of the EU Energy Platform.

Ukrainian Energy Ministry stated this, Ukrinform reports.

"The mechanism operates on the basis of Regulation (EU) 2022/2576 and provides for creating an information system in which business entities interested in purchasing natural gas can enter data on their demand for the next 12 months (starting in July 2023). Subsequently, these applications will be compared with offers for sale from natural gas sellers within monthly tenders," the statement said.

It is clarified that the submission of bids and offers does not entail any obligations. Both the buyer and the seller may withdraw from the transaction at any time.

The European Commission expects the mechanism to attract additional supply from gas sellers from other countries.

Read also: Ukrainian underground storage facilities contain over 9 bcm of gas – Galushchenko

The information system for the mechanism has already been created by PRISMA, a provider of IT services for energy markets. One can register to work with the PRISMA system here, as well as on the AggregateEU portal.

The first tender will be held in May 2023. The European Commission recommends that interested bidders register by mid-April.

As reported, Naftogaz of Ukraine invites market participants to participate in bidding for the purchase of natural gas on the Ukrainian Energy Exchange.

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