Europe’s largest car-maker has directed the sale of 2.6 terawatt-hours worth of gas contracts, according to a document seen by Bloomberg News. That’s enough gas to run about 200,000 normal, gas-heated homes for a year.
Gas prices are now trading many times higher than their levels when VW purchased the supply, due to an unprecedentedin Europe. Based on recent prices, VW could be set to receive around 400 million euros in profit, according to Bloomberg calculations. The company had planned to use the gas next year at its two power plants in Wolfsburg as part of a fuel switch away from coal. However, the price surge, combined with economic and political pressures to conserve the fuel, have led the VW to sell it and stick to coal for now, according to people familiar with the matter.
The advance purchases — known as hedges, to protect against price volatility — were bought through supplier Wingas GmbH on Trading Hub Europe as far back as 2020, when the market price was around 30 euros per megawatt-hour, one of the people said. Gas futures on the hub are now trading near 200 euros per megawatt-hour. The windfall from the sale is highly dependent on how the market price changes as the hedges are gradually sold off over several weeks.The trade is just one example of the impact of the crisis, as businesses across the continent face soaring costs.
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