GAZ-SYSTEM S.A. and the Warsaw Commodity Clearing House start to cooperate on securing imbalance settlements

GAZ-SYSTEM S.A. and the Warsaw Commodity Clearing House (Izba Rozliczeniowa Giełd Towarowych - IRGiT) signed a letter of intent today on the Warsaw Commodity Clearing House evaluating the possibilities of securing settlements related to trading imbalances between GAZ-SYSTEM S.A. and system users and on the start of cooperation on this.

The effect of the joint analysis is to be the definition of the scope of cooperation in settlements, as well as the specification of the optimal method of exchanging information related to imbalances and capacity allocation, including the scope of the necessary work.

GAZ-SYSTEM S.A. is making its contribution to the liberalization of the gas market by launching new technical capabilities of making physical deliveries through the introduction of flexible market tools enabling it to respond effectively to the transmission needs of players on the market.

The increase in the number of players on the market actively using the network and the launch of the Balancing Services Market (RUB) and hence the need for GAZ-SYSTEM S.A. to support the imbalance of increasingly more entities are the reasons for considering securing the transactions executed in cooperation with IRGiT. This is expected to lead to a simplification of the rules of financial security related to gas transmission.

Warsaw Commodity Clearing House  ( Izba Rozliczeniowa Giełd Towarowych S.A.– IRGiT) was the first company in Poland to receive a permit to operate a Clearing Chamber and Clearing House. Since June 2010, the Warsaw Commodity Clearing House, which has been managed by IRGiT, clears all transactions executed on the energy exchange (Towarowa Giełda Energii S.A.).

press release download: GAZ-SYSTEM S.A. and the Warsaw Commodity Clearing House start to cooperate on securing imbalance settlements

GAZ-SYSTEM is a strategic company for the Polish economy. It is responsible for the transmission of natural gas, manages the most important gas pipelines in Poland and owns the President Lech Kaczyński LNG Terminal in Świnoujście.

As part of the 2015-2025 investment programme, GAZ-SYSTEM is constructing over 2000 km of new gas pipelines in the western, southern and eastern parts of Poland. Over a dozen new gas pipelines are under construction within the North-South Gas Corridor and the compressor station in Kędzierzyn Koźle, as well as interconnections with Lithuania and Slovakia. Onshore gas pipelines are planned to connect the planned FSRU floating terminal in the Gulf of Gdansk with the national transmission system. The LNG Terminal in Świnoujście is also being extended, as a result of which the regasification capacity of this facility will be increased by more than a half.

The company is also implementing one of the most important infrastructural projects in the country - the Baltic Pipe project which consists in the construction of a two-way offshore gas pipeline connecting Poland and Denmark, expansion of the local transmission network and three gas compressor stations.


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