11:52 14.01.2022

Naftogaz concerned about risks of balancing GTS

2 min read
Naftogaz concerned about risks of balancing GTS

NJSC Naftogaz Ukrainy in a letter sent to the government at the beginning of this year warned of the risks of balancing the gas transmission system (GTS) of Ukraine in the current heating season, which, according to the company, are associated with the problems of forming sufficient natural gas resources for these purposes by Gas Transmission System Operator Ukraine (GTSOU).

In a copy of the document available to the Interfax-Ukraine agency, Naftogaz notes that, according to the law on the natural gas market, GTSOU must purchase gas for these purposes "in a non-discriminatory and transparent manner and on market conditions."

It notes that the current legislation in no way imposes on the participants in the natural gas market, in particular on Naftogaz, the obligation to provide the balancing service to GTSOU.

According to Naftogaz, GTSOU did not provide, as provided for by European rules, the possibility of trading gas for the needs of balancing the system on liquid exchanges or on its own trading platform.

Naftogaz recalled that the contract between GTSOU and the subsidiary of Naftogaz, Naftogaz Trading gas supply company LLC, on the provision of balancing services by the latter expires on January 19, 2022, and a new similar tender in December 2021 failed due to insufficient interest from market participants in the conditions proposed by GTSOU.

Naftogaz informs that it does not see an opportunity to participate in a new tender for the purchase of balancing services by GTSOU for 2022. According to Naftogaz, the GTS operator, by purchasing the balancing service from Naftogaz, actually resells it to gas market entities (primarily Naftogaz) and receives super profits.

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