Intercontinental Exchange (ICE) announced that ICE Endex had agreed with GasTerra, run auctions for the facilitation of natural gas storage services in the Netherlands for the contract year 2016-2017.
Gas storage services are sold in the form of “standard bundled units” (SBU), each of a capacity of 1,440 kWh, which allow market participants to inject or withdraw gas from a virtual storage facility. 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, the benchmark Dutch natural gas trading hub. The total amount of 1-year SBUs will be equally divided over two auctions; the first one taking place on November 18, 2015, and the second on February 10, 2016.
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Effective Date: November 18, 2015