AUCTION OF INVERSE STORAGE PRODUCT
300 GWh on sale, 11 January 2022
GSD has conducted two auctions of inverse storage products (combined capacity and loaning of own cushion gas) on the 15 July 2021 and 31 August 2021. In total, GSD sold 450 GWh inverse storage in 2021/2022. The decision to offer inverse storage was due to the most unusual market situation in the history until today as high summer gas prices followed by much lower winter gas prices removed the interest of buying ordinary storage products and made inverse storage products highly attractive to market players.
The same market conditions are present for the next storage year 2022/2023 with a perspective to persist through 2022. Therefore, GSD has decided to address the inverted price ratio by auctioning another inverse storage product, which will give successful bidders the access to capacity and gas loan during a period of 12 months starting from 1st October 2022.
The auction will be a pay-as-bid auction conducted on the 11 January 2022 at 11:00 a.m. Danish time. The total volume inverse storage product offered on the auction will be 300 GWh.
All terms and conditions including product description, reservation prices and security for the auctioning the 11 January 2022 are described in the Auction Rules which can be downloaded on the right side of this page.
It is important to note that a successful loan of GSD’s cushion gas in the amount of 300 GWh will affect the storage capacity in storage year 2022/2023 by reducing the available marketed capacity by 700 GWh. Therefore, in so far, the auction sells successfully, the available capacity in storage year 2022/2023 will change from the currently available 3,403 GWh to 2,403 GWh (a reduction of 1.000 GWh, 300 of which is booked through this auction).
Furthermore, GSD would like to raise the awareness of the fact that the remaining 2,403 GWh can be acquired as conventional storage products. Interested storage customers are most welcome to contact us.