Role of AGCS
The new Gas Management Act ushered in the full liberalisation of the Austrian gas market and introduced the balancing group model. The liberalised gas market was divided into balancing areas. In each of these areas, a clearing agency is responsible for the pricing and settlement of balancing gas.
In September 2002, AGCS Gas Clearing and Settlement AG (AGCS) received the concession to operate as the clearing agency in the East balancing area.
As balancing group coordinator (BGC) the overarching mandate of AGCS is the organisation of a highly competitive balancing market for natural gas.
Role of OeKB
OeKB was appointed by AGCS to perform the financial clearing, risk management and credit analysis of the participants in the balancing energy market.