The FINANCIAL — Intercontinental Exchange on October 27 announced that ICE Endex has been selected by RWE Gasspeicher GmbH (RWE), one of the leading storage operators in the North-Western European gas market, to host auctions for their gas storage.
The first auction is scheduled to be held on January 20, 2016, which will be ICE Endex’s first gas storage auction for the German market. RWE Gasspeicher will use ICE’s auction platform to offer storage capacity in the German market area NetConnect Germany (NCG), according to Intercontinental Exchange.
The addition of a gas storage field in the NCG delivery zone will diversify ICE’s successful European gas storage services that are currently used in the Netherlands.
“We are very pleased about the cooperation with ICE Endex, which is well-known as a competent and experienced partner in auctioning flexibility. This cooperation offers us an attractive, additional possibility to serve the North-West European gas market with our storage products,” said Michael Kohl, Commercial Managing Director of RWE Gasspeicher GmbH.
“Today’s appointment by RWE Gasspeicher further strengthens our gas storage offering that uses ICE’s best-in-class auction and trading platform. We are delighted to extend our bespoke auction facilities to RWE Gasspeicher,” said Pieter Schuurs, President, ICE Endex. “ICE is committed to providing value added services to market participants in the German energy market, as well as growing liquidity across key European natural gas hubs.”
In April, ICE Endex added NetConnect Germany as a member of the ICE TTF spot market and the exchange continues to facilitate growing interest in the ICE NCG and Gaspool futures contracts.
Details on the auction and rules, as well as the product characteristics for the auction, will be made available in due course.