Initial tender of Strategic Storage-Based Options
Berlin/Ratingen, 4 May 2022 • On April 30, 2022, the law amending the Energy Industry Act to introduce filling level specifications for gas storage facilities came into force. The main subject of the law are regulations for filling the natural gas storage facilities in Germany. On the basis of this law, Trading Hub Europe GmbH (THE) is tendering so-called Strategic Storage Based-Options (SSBO) for the first time.
The law gives THE a tool kit to contribute to security of supply.
In stage 1, the storages are primarily filled by market participants, with THE being able to also tender SSBOs in the spring. In stage 2, special tenders can be carried out by THE SSBO. In stage 3, THE can purchase and store gas itself.
The law was drafted over the past few weeks and quickly passed as part of the legislative process. Parallel to the legislative process, THE has already prepared its implementation and worked on the development of the relevant products. This made it possible for the first tenders based on this law to be carried out shortly after it comes into force. THE will develop further details on the implementation of the law in a timely manner.
Offers as part of the first tender can be submitted to THE in the period from 9 May 2022, 12:00 hours to 23 May 2022, 12:00 hours. Contracts will be awarded by THE no later than on 24 May 2022, 10:00 hours. The pre-qualification rules, the terms and conditions governing the SSBO level 1 product and other information are published on the THE website.