The GRP 2008 two-way auction is conducted on a strictly non-discriminatory and transparent basis.

The auction is open to those who have qualified to participate. Power Auctions LLC, an affiliate of Market Design Inc., is acting as advisor to DONG Energy, and will fulfill the role of Auction Administrator for the duration of the GRP 2008 two-way auction.

The auction methodology is that of a “multi-round ascending clock” auction, which is familiar to most participants in the European gas market. The bidders will bid the number of Lots they wish to buy at price levels that increase throughout the auction, from one round to the next. Price levels will increase until a point is reached at which aggregate demand is less than or equal to aggregate supply.