Eesti Gaas is set to lower prices for residential customers to €0.64 per cubic meter including VAT in a new flexible package, from June.
Up until the end of April, gas in package will cost €0.74. From May 1 onwards, the price is set to drop to €0.69 per cubic meter. According to Eesti Gaas, there will then be a further reduction in June to €0.64 per cubic meter including VAT.
"Gas prices for our customers will be helped by the fall in global gas prices to pre-war levels and by the large LNG deliveries we are ordering. We have usually been the first ones on the market to lower prices," said Margus Kaasik, chair of Eesti Gaas' management board.
Between January and April this year, Eesti Gaas delivered five gas tankers to the Lithuanian port of Klaipeda and the Finnish port of Inkoo, the same number it sent throughout the whole of 2022. This week, the company announced that one additional vessel has also been ordered to the Inkoo terminal.
Last August, the price of natural gas on the Dutch TTF exchange reached a record high of €320 per megawatt-hour (Mwh). Eesti Gaas' highest price last fall was €2.85 per cubic meter. This week, the price of gas on the TTF exchange has mostly stayed mostly below €40 per Mwh.
Prices for Eesti Gaas' domestic consumers have fallen by more than 77 percent in the last six months. The biggest monthly cuts happened last December and this February.
Eesti Gaas has a 17.5 percent share in the Baltic-Finnish market.
Editor: Michael Cole