Noteworthy Prices for Balancing Actions

During the night of January 11 to 12, 2024, remarkable prices were realized in balancing actions by GTS through the ICE Endex exchange. The GTS system contained an excessive amount of gas, which GTS sold. In three transactions, negative prices occurred, with the highest being almost EUR 1400/MWh.

GTS has analyzed the situation and discussed it with ICE. We can share the following information:

• After discussions with market participants, it was found that the surplus situation arose partly because realized temperatures were higher than predicted temperatures. Due to the higher temperatures and the delayed response of market participants to the lower gas offtakes by end-users, a surplus situation occurred.
• Because during the three balancing actions the market did not buy all the offered gas, this resulted in the notable price formation.