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Over the past years, we have developed a cooperation with Energiq Kft. and HEXUM Földgáz Zrt. that has become an excellent example of how to successfully implement a complex and time-consuming process.
We believe that the key to success is a thorough understanding of customer needs and the provision of services tailored to those exact needs. When Energiq visited Fluenta in 2022 on behalf of HEXUM Földgáz Zrt. (a company working with natural gas), we jointly assessed the customer's needs and their complexity. Together, we worked to find the right solution they were looking for among the options to sell and secure natural gas storage capacity.
Energiq and HEXUM requested a demo auction to clarify expectations and the details of the process before the actual, live auction. After the first demo auction was successfully conducted, our clients were assured that the process would be in good hands. One of our principles at Fluenta is to continuously support projects and ensure flexibility throughout the entire process.
Energiq/HEXUM does not use the Fluenta system on a licensing basis, but occasionally makes use of our Auction Mentor professional services. During this process, we agree on the parameters of the auction and decide on the auction type to be used. For the auction, the client only needs to provide the general data and the participants. The Fluenta project manager prepares the auction call and has the client validate it. The project manager will then inform the invited participants about the auction by sending out the final call and handle any questions regarding the auction.
Energiq/HEXUM has mostly opted for a Dutch-style selling auction to achieve their goals, whereby the auction starts from a given starting price and the system reduces the bid value by a given value at given intervals. The auction is closed successfully if a participant accepts the current bid value within the specified time window.
However, there have been occasions when a Japanese selling auction has been requested, with bidding starting at a low price and increasing in increments. Participants then have to accept each bid step if they want to stay in the competition. The auction closes when no participant accepts the current bid step.
In the case of Energiq, the complexity is increased by the fact that prior to the live auction, information needs to be requested on the maximum number of units that each participant wishes to buy from the advertised LOT numbers; afterwards, in the live auction, participants bid only per LOT (for the unit price). This preliminary RFI process is handled through Fluenta Sourcing.
Thanks to our well-established operating mechanisms, solving these complex tasks is not a problem for our experts.
The success of our service and the trust that has been built up is demonstrated by the fact that since 2022, including repeat auctions, the Fluenta team has already conducted 17 auctions on behalf of Energiq/HEXUM.
We are proud to have developed similar long-standing partnerships with many of our clients. For us, their trust is the most important confirmation that we are on the right track.
