The platform hopes to avoid a repeat of the European energy crisis seen in the two winters since Russia invaded Ukraine. Credit: artjazz via Shutterstock.

Global suppliers have shown significant interest in the EU’s new aggregated demand for gas, with offers outstripping total demand in the bloc threefold.

The first tender for the purchasing of gas under the EU Energy Platform closed on Tuesday night, attracting offers totalling 97.4 billion cubic metres (bcm) of gas in response to demand from European consumers, the European Commission said in a press statement.

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On 22 February, the Commission had collected 34bcm of gas demand from 19 companies through its AggregateEU mechanism. This almost tripled over the past week as suppliers continued to express interest.

Suppliers and consumers have now been matched through the AggregateEU platform, and companies will be able to enter contractual negotiations bilaterally, the Commission said.

Commission executive vice-president Maroš Šefčovič said: “Today is another positive milestone for the work of the EU Energy Platform. Through coordination and cooperation, we are boosting Europe’s energy security in the face of a challenging geopolitical context.

“Bids surpass the collective demand… This is a remarkable outcome. It proves once again that AggregateEU has become a dynamic marketplace for buyers and reliable international suppliers of gas, and that it supports the competitiveness of our industry and keeps prices stable for our consumers.”

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Of the bids, 15bcm are for LNG, while another 18.3bcm are set for delivery via pipeline.

Under the mid-term tender, buyers were able to submit their expected gas demand for multiple six-month periods, up to a maximum of five years, running from April 2024 to October 2029. The mid-term tender is a new service offered by the Commission under the AggregateEU mechanism. It aims to avoid a repeat of the energy crisis experienced across the continent over the last two winters, triggered by Russia’s invasion of Ukraine. More tenders will follow throughout the year for both the short and mid-term, the Commission said.