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E.ON Földgáz Trade calls gas auction for March 1

E.ON Földgáz Trade Zrt, the Hungarian unit of E.ON Ruhrgas International, on Friday said it would offer 1.175 billion cubic meters of natural gas at an auction on March 1.

The auction will be E.ON Földgáz's second. The starting price of the auction will be 95% of the weighted average cost of natural gas incurred by E.ON Földgáz. Deliveries will start on July 1, 2007, and the purchased amount will be delivered at a steady pace over two years. E.ON Földgáz will announce further details of the sale at a conference on January 16, the announcement said.
The sale of the gas on the deregulated market was stipulated as a condition for the approval of E.ON's purchase of Mol Földgázellátó Zrt by the European Commission, acting in its capacity as the EU's competition authority. E.ON must sell an annual 1 billion cubic meters of gas, divided into several lots, at internet-based auctions on the deregulated market for at least up to five years under the Commission's decision.
E.ON Földgáz held its first auction on May 4, 2006, when it sold 475 million cubic meters of gas to two companies.