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Finance

EU launches joint gas buying scheme

The European Commission is launching a new process to enable European companies to register their gas purchase needs through the AggregateEU mechanism, to prepare for the collective purchasing of gas at EU level.

The aim is to refill the EU’s gas storage in a coordinated and timely manner, ahead of the next winter,  to help countries negotiate better prices with international suppliers.

Companies have until 2nd May to respond to the first call for demand aggregation.

The necessary volumes will then be aggregated and put out to tender on the global market.

Once the AggregateEU mechanism matches the collective European demand with offers from international gas suppliers, the participating companies will enter into negotiations with suppliers on the contractual terms for the purchase and delivery of the gas.

The first purchase agreements are expected before the summer.

Further tenders will be carried out every two months over the next 12-month period, and the possibility for companies to subscribe to the AggregateEU mechanism remains open.

The gas storage and joint gas purchasing targets were agreed upon in 2022 as emergency measures to respond to Russia’s weaponisation of its energy supplies and to the unprecedented energy prices since the Russian invasion of Ukraine.

Member states have committed to participating in demand aggregation for a minimum of 15% of their national gas storage targets, which represent around 13.5 billion cubic metres of gas per year.

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