Lithuanian gas exchange to expand to Latvia, Estonia next year

A gas pipeline in Estonia. Photo is illustrative. (Urmas Luik/Pärnu Postimees)
10/7/2016 9:25 AM
Source: BNS
Category: Business

Lithuania's gas exchange Get Baltic intends to expand to Latvia and Estonia next year in order to develop a unified trade system for all three Baltic states, which should facilitate deals among them.

Unimpeded gas trade among the three Baltic states is still impossible, as Latvia has not yet liberalized its gas market and will only take the step next April. Furthermore, the entry-exit point system is still in effect in the Baltic countries, stipulating additional payment on each border for gas transportation. Consequently, gas purchased in Lithuania becomes more expensive upon arrival in Estonia.

"We plan to expand and are currently working on the decision-making level,"Get Baltic CEO Giedrė Kurmė told BNS. "Currently both Latvian and Estonian participants have the possibility of buying gas on the Lithuanian exchange and transporting it. Starting at the middle or the end of next year, we plan to establish trade platforms in Estonia and Latvia, and the exchange will then be responsible for a single large platform with three trade sites."

Get Baltic expects to have a unified gas exchange in the Baltic states by 2020. This will also entail eliminating additional fees for gas transport on borders as well as unifying gas prices in all three countries.

Operating in Lithuania since 2013, Get Baltic currently involves 58 participants, including two Latvian and four Estonian companies.

Editor: Aili Vahtla

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