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The clearing price regarding gas day 1St October 2016

Dear Network Users,

regarding the gas day 1st October 2016, an incorrect bid was submitted by a network user through its own fault, on the trading platform operated by FGSZ Ltd. During the pricing of the bid, an unrealistic high price was defined for unknown reason. The MGP bid of 240 000 kWh (24h x 10 000 kWh/h) was set at the unit price of 99 HUF/kWh. After the bid had been submitted, the matching algorithm was run in accordance with the operational rules of the trading platform which resulted in the conclusion of two transactions for 1-1 gas hour by matching the bids with the asks uploaded earlier to the system. Afterwards, the network user withdrew the bids concerning the remaining 22 gas hours.

Since the two transactions, which were concluded at a non-market-conform bid price (volume of 2 x 10 000 kWh, unit price of 99 HUF/kWh, value of 1 980 000 HUF), affect the clearing price, in accordance with Point 7.2.4. of the TP operation rules, the transmission system operator proposed that the Clearing Price Committee should decide on the basis of the TP Operational Rules whether these two transactions shall be taken into account or not when the balancing natural gas price concerning gas day 1st October 2016 is being defined. The Clearing Price Committee unanimously decided to accept the proposal.

Disregard of the transactions in respect of the clearing price calculation does not also involve the cancellation of the transactions, since the transactions cannot be cancelled pursuant to Chapter 5.2.4. of the operational rules of the trading platform.

In the view of the above, the clearing price regarding gas day 1St October 2016 is 4,5252 HUF/kWh in line with the Clearing Price Committee's decision.

​Best regards,

FGSZ Ltd

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