Trade

The entire quantity of gas traded by Romgaz was sold on the internal market. Romgaz traded quantities delivered on free market both by bilateral negotiation and on the centralized market. Quantities delivered during 2018 have been traded 60% on the Romanian centralized market.

From the total of quantities of gas delivered to third parties the following available means of trade have been used:

gas delivered on the basis of contracts concluded on centralized markets: 35.99 TWh;

gas delivered on the basis of bilateral contracts: 19.01 TWh

Even if ROMGAZ’s gas production increased, the volumes delivered in 2018 recorded a sensitive decrease, approximately 99% as compared to those recorded in 2017 and the volumes from own production reaching 97% as compared to 2017.

Nevertheless, gas delivered to third parties increased by 2.8%, mainly due to contribution of quantities of import gas and decrease of the quantities delivered to CET Iernut. It is worth mentioning the increase of traded import gas with 150 million m3 beyond the level of 2017; this increase partially compensated the decrease of gas volumes traded from underground storages that was of approximately 250 million m3. At the same time, the quantity of gas used at CET Iernut decreased by 64% as compared to 2017, namely approximately 200 million m3. The status of deliveries and sources is shown in the table from pages 4-5.

As regards the means of trading through Romanian centralized markets, Romgaz’s weight was significant, approximately 54% of the total of gas traded on these markets with delivery in 2018  were sold by Romgaz. In terms of quantity, Romgaz traded over 35 TWh with delivery in 2018   on centralized markets, from the total of 65 TWh, representing the total transactions performed on these markets with the same period of delivery.

Starting with September 2018 the short term centralized markets became operational and Romgaz started to be active on the day ahead market, respectively intraday market in order to optimize the sales on one hand and to balance the portfolio, on the other hand.