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E.ON to offer 1 bln cubic meters of gas at auction in Hungary

Germany utilities company E.ON will offer a combined 1 billion cubic meters of natural gas at an online auction on May 4 as a condition for its recent purchase of 100% of Mol Földgázellátó Zrt, Hungarian oil and gas company Mol Rt's gas delivery company, E.ON Ruhrgas International announced on Tuesday.
E.ON will auction contracts for 25 million, 50 million and 100 million cubic meters of gas to be delivered over two years from July 1, 2006. The starting price of the auction will be 95% of the weighted average cost of natural gas incurred by Mol Földgázellátó. About 80% of the gas will be delivered from a pipeline on Hungary's border with Ukraine, and the rest will come from a pipeline bringing gas through Austria.