Taqa names launch customers for EU project
Abu Dhabi, December 19, 2011
Abu Dhabi National Energy Company (Taqa) has announced three top European energy firms as its launch customers for the Bergermeer Gas Storage facility in the Netherlands, set to become Europe’s largest open access gas storage facility.
Taqa is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.
Announcing this along with its Dutch partner EBN, Taqa said the launch customers - Statoil, Vattenfall Energy Trading and a third European energy company - have together secured more than 90 per cent of the total 1 BCM of annual storage capacity made available as part of the 2011 Bergermeer Gas Storage Open Season.
Bergermeer Gas Storage is planned to become operational in 2014, with full capacity available as of 2015. The facility will help double the Netherlands’ total seasonal storage capacity, said Taqa in its statement.
According to Taqa, the three launch customers have secured fixed price and indexed price long-term contracts with durations between 4 and 10 years as of April 2015.
The indexed price agreements are based on a multiplier of the annual summer-winter price spread at the Dutch TTF gas trading hub, it added.
Welcoming the launch customers, Carl Sheldon, Taqa CEO said, “The vast market demand for our storage capacity is proof of northwest Europe’s need for the seasonal flexibility offered by this project. Bergermeer is coming to market at the right time and will be a game changer.”
Jan Dirk Bokhoven, chief executive officer of EBN, said, “It is our aim to make profitable use of the Dutch subsurface, also when domestic gas production declines in the future. Bergermeer Gas Storage is an excellent example of doing just that.'
'By our participation EBN will secure optimal benefits for Dutch society,' he added.
Rune Bjørnson, senior vice president Natural Gas, Statoil, said the company was pleased to have secured a launching position in the Bergermeer facility which will play an important role in the further development of the European gas business.
Stephen Asplin, head of Vattenfall said the Bergermeer gas storage will provide additional tools to the company's extensive portfolio ensuring security of gas supply.
'Additionally it will enhance liquidity and further improve the functioning of the Dutch gas market,' he added.-TradeArabia News Service