Trade on the Exchange
Baltic Gas Exchange organizes trade for physically settled spot and forward gas products in the market areas located in Lithuania, Latvia, and Estonia. All the participants of the natural gas market, who have the Participant‘s status, may execute trade on the Exchange.
Trade on the Exchange is executed on an anonymous basis at Lithuanian, Latvian, and Estonian virtual trading points by means of the continuous trading method. Trade on the Exchange is carried out on a day-to-day basis from 10:00 to 14:00 (Eastern European Time is applied in wintertime, and Eastern European Summer Time is applied in summertime).
The orders submitted by the Participants are defined by the following criteria: an order type (partial or full fulfilment), product name (according to the delivery period), price, and volume. Furthermore, orders may be only submitted to a market area of a country whose Participants has entered into a natural gas transmission service and (or) balancing contract with transmission system operator. If a day-ahead product is selected, orders to buy / sell are displayed in all market areas of the Baltic States with due consideration of available capacities ant its tariffs at interconnection points.
Implicit Capacity Allocation Method
The Implicit Capacity Allocation Method means a method when available capacities at interconnection points between Lithuanian and Latvian and Latvian and Estonian natural gas transmission systems are at a time allocated by GET Baltic to the natural gas volume (a day-ahead and within day products) bought by the Participant on the natural gas exchange.
Available capacities are allocated by the implicit capacity allocation method by GET Baltic during a trading session. Information regarding the amount of available capacities to be allocated by the implicit capacity allocation method is shown by GET Baltic in the online mode via the electronic trading system.
Electronic Trading System
GET Baltic facilitates trading in natural gas by means of the electronic trading system (ETS) with due consideration of needs of the participants of the wholesale natural gas market of the Baltic States. The ETS has been developed on the GENERIS platform basis, which is widely used by enterprises operating in natural gas and electricity sectors in Western Europe and Nordic countries. The information system provides a large scale of functionality, including data management, analytics, reporting and other models. GET Baltic provides the right to use ETS for all the Participants of the Exchange, who have entered into the Exchange Participant‘s contract and have been placed on the list of Participants of the Exchange.
Transparent Trading Method and Equal Conditions
Rules and principles of trading on the Exchange have been set in accordance with the Regulation of Trading on the Natural Gas Exchange, the Regulation of the European Parliament and Council (EC) No 1227/2011 of 25 October 2011 on wholesale energy market integrity and transparency (REMIT), the Rules for the Supervision of Trade in Electricity and Natural Gas, and the Rules for Trade in Natural Gas.
In accordance with aforementioned legal acts, GET Baltic carries out the continuous monitoring and valuation of trade in natural gas on the Exchange and significant undisclosed information, manipulation and other behaviour of the Participants of the Exchange. The Company is implementing the requirements of the national legal acts and the European Union applied to encourage an open and fair competition in the natural gas market.