Reuters: Poland's power exchange to hold auctions for forward gas sales

The Polish Power Exchange said it would allow auctions of forward gas sales to help trading firms meet a government requirement to sell 30 percent of the gas they supply on an exchange by end-2013.

Companies will be able to participate in auctions starting on Oct. 24 for monthly, quarterly and yearly forward gas contracts.

"We need to encourage market participants to make use of the exchange market mechanisms both on the demand and supply side," Ireneausz Lazor, the head of POLPX, said in a statement on Wednesday.

Poland started the gas exchange at the end of 2012 to comply with European Union requirements to liberalise its gas market, which is dominated by state-controlled monopoly PGNiG.  MORE