AMSTERDAM--(BUSINESS WIRE)--Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, today announced that ICE Endex has agreed with GasTerra, the international natural gas Dutch trading firm, to continue the facilitation of gas storage auction services in the Netherlands.
ICE Endex has successfully operated auctions for virtual gas storage services since 2011, and hosts auctions twice a year in November and February. Natural gas from the virtual gas storage service is delivered at the Title Transfer Facility (TTF).
Gas storage services are sold in the form of “Standard Bundled Units” (SBUs), which allow market participants to inject or withdraw natural gas from a virtual gas storage facility. An SBU has a capacity of 1,440 kWh and participants can 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 SBUs.
2014 / 2015 Auction Results:
|Product||Years||Auction Date(s)||Volume Sold (SBUs)|
|Five Year Gas Storage||2014 / 2019||Nov 20, 2013||4,130,555|
|One Year Gas Storage||2014 / 2015||Nov 21, 2013||3,653,682|
|One Year Gas Storage||2014 / 2015||Feb 12, 2014||5,445,219|
2015 / 2016 Auctions:
For the 2015 / 2016 contract year, the total amount of 9,098,901 SBUs will be equally divided over two auctions. The first auction is scheduled to take place on November 19, 2014, and the second on February 4, 2015. The SBUs are a one year product for which the price mechanism is a fixed price.
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