AggregateEU: A Success Story

In April 2023, the EU Energy Platform launched the first tendering round via AggregateEU. By leveraging its collective economic weight, the EU managed to attract bids from a total number of 25 supplying companies equivalent to more than 13.4 billion cubic meters of gas (bcm) – surpassing the 11.6 bcm of joint demand that EU companies submitted through PRISMA's AggregateEU mechanism.

PRISMA matched the international suppliers with the European customers, amounting to an overall volume of 10.9 bcm. This covers 8.7 bcm of gas via pipeline and 2.2 bcm of LNG.

Afterwards, EU companies were able to negotiate the terms of the supply contracts directly with the supplying companies, with no involvement of the Commission. 

Vice-President Maroš Šefčovič said: "The EU Energy Platform has had a remarkable success despite being very new. It clearly shows the need for such a market place, leveraging the EU's collective economic weight to increase our energy security and tackle high gas prices. The Commission has played its role as aggregator and matchmaker, and now it is for the respective parties to conclude their agreements. It is a win-win for European customers and for international suppliers." Watch the press briefing.

This exercise supported the EU countries' efforts to meet their gas storage obligations for the winter while strengthening the collective energy security at competitive prices. Further tenders followed every two months until the end of the year.

In December 2023, the European Union established the legal framework allowing PRISMA to operate AggregateEU for another year. You can read the full success story here.

Image: © European_Commission, 2023

Results of past rounds