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Estonian gas providers considering price cuts from February

Gas.
Gas. Source: Priit Mürk/ERR

With gas prices falling on the world market, Estonian gas providers could cut prices for domestic consumers from February, if the situation remains as it is now.

In December, Eesti Gaas and Alexela will charge 75 cents a cubic meter for domestic consumers. At the end of November, against the backdrop of falling global gas prices, the companies announced that they would also cut the costs for domestic consumers to 60 cents per cubic meter from the beginning of January.

At the time of the most recent price cut, the cost of gas per megawatt-hour on the exchange was just over €40. TTF futures prices on the Dutch natural gas exchange are now trading at just over €30 per megawatt hour.

Maria Tiidus, Alexela's head of communications, said that if things stay as they are, gas prices will most likely also decrease in February.

"The price in January will not change any more, as gas sellers have to fix the price at least 30 days before the beginning of the new month to mitigate any possible price risks," said Tiidus. He added that customers who are prepared to accept risks are able to sign package contracts at the exchange price, which will immediately change to reflect gas price fluctuations.

Kersti Tumm, communications manager at Eesti Gaas, said the company would continue monitoring the market and if prices remain at the level they are today, they could lower consumer prices in February. The company will make concrete decisions on the issue at the end of the month.

"At the moment, the market price is mainly influenced by the weather. Europe has been a little warmer than the historical average and warm weather is expected at Christmas, which will reduce demand. Another reason is storage levels, which are still at their highest levels for the last five years," said Tumm.

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Editor: Michael Cole

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