E.ON AG, Europe's second largest utility, auctioned 475 million cubic meters of natural gas in Hungary today to meet a European Union requirement before it acquires Mol Rt’s gas businesses, Bloomberg reported.
The EU in December approved E.ON's purchase of Mol’s gas unit on condition it auction 1 billion cubic meters of gas each year for eight years and sell half its 10-year supply contract with Mol’s production unit. The European Commission said E.ON's auctions may help eliminate the anti-competition effects of its acquisition.
Natural gas supplier Mol Földgázellátó Zrt sold contracts for 100, 50 and 25 million cubic meters of natural gas to two companies today, E.ON said in a statement, without naming the buyers or prices paid. Ten companies bid for the fuel. Contracts sold today take effect July 1, E.ON said. The purchase price was 95% of the weighted average Mol Földgázellátó pays for the fuel, the company said.