Moldova's Energocom buys 171 mcm of gas from six European cos so far this year

CHISINAU. Aug 21 (Interfax) - Moldova's state-owned Energocom, the main gas supplier to national operator Moldovagaz, bought 171 million cubic meters of gas from six European companies at an average price of $355.23 per thousand cubic meters from January 1 to August 15, 2024, the company says on its website.

"For the 2024 purchases, 21 rounds of bidding were held, 12 of which were successful, with bids received from four to ten companies. Gas was purchased from six European companies, with transactions carried out on the Romanian Commodities Exchange in Bucharest or according to the EBRD rules. The remaining purchases were carried out in accordance with the regulations approved by the company's board," it said.

The biggest volumes of gas were purchased in August (about 78 mcm) and April (37 mcm). More than 85% of the total gas purchased in 2024 was sold to Moldovagaz based on nominations for day-to-day consumption and for the winter period.

Energocom has been supplying gas to Moldovagaz, which is half-owned by Russia's Gazprom , based on the results of auctions since May of this year.

Moldova has received gas from two sources, Energocom and Gazprom, since December 2022. Russian gas goes to Transdniestria in exchange for electricity.

Previously, Moldovagaz had to buy gas from Energocom due to energy security concerns. The company has already organized five auctions on the BRM East Energy trading platform, the Moldovan branch of the Romanian Commodities Exchange, since the National Emergencies Commission lifted this requirement. Energocom won all the auctions.

Gazprom has been supplying Moldova with 5.7 mcm of gas per day, less than 40% of what it needs for the cold season, since October 2022. All the gas has since December 4, 2022 gone to the Moldavskaya GRES or MGRES power plant in Transdniestria, which generates 80% of Moldova's electricity in return. The contract with MGRES is valid until the end of 2024.