Eesti Gaas lowers price of gas below the state's compensation level

A gas hob.
A gas hob. Source: Priit Mürk/ERR

In February, Eesti Gaas will reduce the price of gas for residential customers to €0.84 per cubic meter, including tax, which is less than the state's compensation level.

In January, Eesti Gaas sold natural gas to household consumers at €1.75 per cubic meter including tax, but from February the company plans to lower the price to €1.25.

"Global gas prices have returned to pre-war levels as a result of the mild winter, filled up storage facility, and new supply channels, allowing us to cut the selling price to domestic customers even more than originally promised. The price of gas has dropped below the level of energy subsidies that went into effect in October, allowing the state to save money," Eesti Gaas Chairman of the Management Board, Margus Kaasik, said.

Kaasik said that corporate clients who have been using alternative fuels are reverting to natural gas.

From October 2022 to March 2023, the state will cover the 80 percent of the monthly average gas price that exceeds €80 per megawatt-hour net of VAT, or €0.7744 per cubic meter.

On Monday, February natural gas futures were traded on the Dutch exchange TTF at prices ranging from €54 to €57 per megawatt-hour.


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Editor: Kristina Kersa

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