13 Dec The first e-auction for the sale of natural gas for DEPA
The first pilot forward e-auction for the sale of natural gas was successfully completed by cosmoONE on behalf of DEPA.
The auction is part of Decision No 551/VII/2012 of the Competition Commission and was addressed to DEPA clients and natural gas vendors. It is the first of a series of e-auctions that will be conducted at least quarterly.
cosmoONE was the technology partner of DEPA, providing the platform for the auctions, and a series of support and consultation services in excellent cooperation with the staff of DEPA. Specifically, in addition to the provision of the e-Auction service, specialized e-learning material and best practices manuals were developed, while in cooperation with DEPA officers participation guides, and Q&A informative leaflets were prepared.
Twenty-three (23) companies from the area of Power Generation and Industrial Production participated and submitted to the system their desired unit prices and the respective Natural Gas quantities. The system performed, in real time, the allocation based on the formula and the rules that had been announced in advance.
The auction used to meet the specific needs of DEPA was a Yankee Forward auction. The e-auction lasted sixty (60) minutes and was completed with absolute success.