Moldova Energocom leads gas sales on open market amid 2024 auctions
Between January 1 and August 15 of this year, SA Energocom purchased approximately 1.82 million MWh of natural gas (equivalent to about 171 million cubic metres).
The weighted average price for all 2024 purchases was 30.98 Euro/MWh (or 355.23 USD per 1,000 cubic metres). These purchases were funded using both the company's own financial resources and the Norwegian Nansen grant, according to the Ministry of Energy.
The Ministry of Energy's communiqué noted that between January and April, Energocom sold gas to Moldovagaz from stocks acquired for the previous cold season, based on a directive from the Commission for Exceptional Situations (CSE).
For the 2024 purchases, 21 auction rounds were organised, of which 12 were successful. Offers were received from multiple companies for each round (a minimum of four and a maximum of ten offers), with the lowest-priced offer being selected. The gas was purchased from six European companies.
The purchase transactions took place either on the Romanian Commodity Exchange in Bucharest or in accordance with the EBRD's rules. Additional procurements using the company's own sources adhered to regulations approved by the company's Council. Representatives from legal institutions, the Ministry of Energy, the Public Property Agency, and civil society were invited to and participated in all the auctions.
The largest volumes of gas were purchased in August—over 828 thousand MWh (approximately 78 million cubic metres)—and in April—about 400 thousand MWh (37 million cubic metres).
Most of the gas purchased by SA Energocom in 2024 was sold to Moldovagaz through auctions initiated by Moldovagaz on the Chișinău branch of the Romanian Commodity Exchange's platform, BRM East Energy. Over 85% of the total gas volume purchased in 2024 was based on requests from SA Moldovagaz, for current consumption or for the winter season. The remaining quantities purchased by Energocom this year were stored.
Since April, SA Energocom has actively participated in transactions organised on BRM East Energy and has been selling natural gas on the open market. From January 1, 2025, all large consumers will be required to purchase gas from the open market, and during this period, more and more businesses are migrating to the active BRM platform. Six auctions are being organised this week alone.
Translation by Iurie Tataru
