The EC has announced the completion of the first round of contracts for general gas purchases in the EU

In a significant development, the European Commission’s Vice President, Maros Šefčovič, recently announced the conclusion of the first contracts for general purchases of gas within the European Union (EU). This initiative aims to ensure price stability and mitigate competition among member countries, particularly in the wake of the Russian invasion of Ukraine.

The concept of unified gas purchases arose as a response to the ongoing crisis, with the objective of creating a more harmonized and coordinated approach. By joining forces, EU member states aspire to establish a balanced and secure gas market.

The process commenced in April when European companies submitted their desired gas volumes on a shared platform. Subsequently, a comprehensive auction was initiated on global markets, exclusively inviting suppliers from around the world except Russia.

Impressively, a total of 25 companies submitted proposals, amounting to a staggering volume of 13.4 billion cubic meters of gas. This figure surpassed the initial registration of 11.6 billion cubic meters, as reported by the European Commission.

Looking ahead, Vice President Šefčovič revealed that a fresh round of general tenders will be conducted at the end of June. European companies will be invited to participate, further solidifying the EU’s commitment to efficient gas procurement and a more integrated energy landscape.

This initiative marks a significant stride towards achieving a united front in gas procurement within the European Union. By fostering collaboration and avoiding reliance on a single supplier, the EU is bolstering its energy security and working towards a more resilient and competitive gas market for its member states.

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