International suppliers offer almost 100bcm of gas to European consumers in first mid-term tender under the EU Energy Platform

The first tender with a new mid-term product for the purchasing of gas under the EU Energy Platform closed last night, and has attracted offers for a total volume of 97.4 billion cubic metres (bcm) of gas, to respond to demand by European consumers. Through the AggregateEU mechanism, the Commission collected 34 bcm of gas demand from 19 companies last week. These volumes were put out to tender, and the supplies offered are almost triple the demand. The suppliers and consumers have now been matched through the AggregateEU platform, and companies will be able to enter into contractual negotiations bilaterally.

Executive Vice-President Maroš Šefčovič, said:“Today is another positive milestone for the work of the EU Energy Platform. Through coordination and cooperation, we are boosting Europe’s energy security in the face of a challenging geopolitical context. The bids surpass the collective demand – in fact they are almost three times the level! This is a remarkable outcome. It proves once again that AggregateEU has become a dynamic marketplace for buyers and reliable international suppliers of gas, and that it supports the competitiveness of our industry and keeps prices stable for our consumers.”

Under this first mid-term tender buyers were able to submit gas demand for multiple 6-month periods, up to a maximum of 5 years, running from April 2024 to October 2029. The mid-term tender is a new service offered by the Commission under the AggregateEU instrument to match buyers and sellers beyond the short-term crisis we have faced during the past two winters. This new product aims to ensure stability and predictability of supplies to the participating companies in the coming years, building on the foundations of the crisis mechanism put in place in 2023.

Throughout this year, other tenders will follow, both short and mid-term. At the end of last year, the EU co-legislators reached a provisional political agreement on the Hydrogen and Decarbonised gases package which will turn the joint purchasing of gas into a permanent instrument.