On 7 September 2015, at 9 a.m. CET (10 a.m. Moscow time) Gazprom Export began the bidding for gas supply to Europe. Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee, and Elena Burmistrova, Director General of Gazprom Export, launched the bidding with a solemn ceremony by striking a symbolic bell.
The bidding will last four days, from 7 - 10 September. 127 lots with the total volume of 3.24 billion m3 will be presented to the bidders. The gas will be supplied during the 2015/2016 winter period to several delivery points in northwestern Europe, at the choice of the potential customers.
“The European gas market permanently changes and, responding to its challenges, we want to test the new gas trading tool and see what benefits it can deliver to sellers and buyers,” said Alexander Medvedev.
This new selling techniques will be used in addition to the long-term contracts, which provide energy security in Europe.
Edited from various sources by Stephanie Roker