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.).
