European authorities have declared the success of the platform for joint gas purchases by EU countries, created to overcome the energy crisis and reduce prices. At the same time, Brussels has not published the contracted volumes or prices. The European Federation of Energy Traders has doubts about the results.
“The European Commission’s latest report on the state of the energy union states that between 2023 and 2024, a total of 75 billion cubic metres of gas have been ‘agreed’ on the so-called AggregateEU platform… However, this figure only refers to requests and proposals published on the platform, and not to actual transactions.” – writes the specialist publication Montel.
Head of the European Federation of Energy Traders David Wood He told the publication that suppliers and customers had yet to reach agreements.
“What we know is that no LNG transactions took place.” Doug Wood said.
AggregateEU came into existence in 2023. It was overseen by the Vice President of the European Commission Maros Sefčovićwho reported all the news. European countries are obliged to buy at least 15% of storage capacity through the platform. The idea was to use general purchases to reduce gas prices and provide the necessary volumes without Russian suppliers, whose fuel was banned from trading on the platform.
“A number of our members said they pulled out because it wasn’t attracting new suppliers or new wholesale buyers,” Doug Wood continued. “We also know that there are companies that are encouraged by their national ministries or regulators to post requests and proposals on the platform, so it will look good in the eyes of the EU.” – said the head of the federation.
Another problem was that not all applicants were able to participate as they had to undergo eligibility checks including solvency, licences and transport agreements.
“Some industrial and agricultural consumer groups have already submitted applications. Our members have told us that some of these companies simply do not pass the tests.” Doug Wood added. In his view, joint acquisitions should be transparent so that the market can see their volumes and prices.
