TAQA seals European gas storage deal
Three European energy firms secure 90% of Bergermeer capacity
TAQA has announced that three European energy firms have been secured as launch customers for its ambitious Bergermeer gas storage facility in the Netherlands.
The deals have been reported by Reuters to be worth up to $1bn.
Statoil ASA (Statoil), Vattenfall Energy Trading Netherlands N.V. (Vattenfall) and a third European energy company have together secured more than 90 per cent of the total 11 TWh (1 BCM) of annual storage capacity made available as part of the 2011 Bergermeer Gas Storage Open Season. The three launch customers secured both 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.
Carl Sheldon, CEO, TAQA: “We are very pleased to welcome three of Europe’s largest energy companies as launch customers for Bergermeer Gas Storage. 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.”