Natural gas prices in GET Baltic on the way to normal range

The Baltic-Finnish natural gas price index BGSI fell below the 30 EUR/MWh threshold at the end of May, with the monthly BGSI reaching 37.20 EUR/MWh. This is the first time that gas prices have been this low since the start of the energy crisis. Compared to the same period last year, the average price has fallen by 63%. Individual transaction prices in May ranged from 27.00 EUR/MWh to 58.00 EUR/MWh. This price decrease in the Baltic-Finnish region is due to the significant price decrease of gas across Europe due to the rapid filling of storage facilities. According to Gas Infrastructure Europe, storage in Europe is now 69% full, almost a fifth above the previous five-year average.

Market participants remain active on the GET Baltic exchange after the end of the winter heating season. In May, more then 2,000 transactions were executed, trading 515 GWh or 24% more than in the same period last year (417 GWh). Almost half of the traded volume was purchased on the common Latvian-Estonian market area (43%), while the remaining 33% and 24% were purchased in Lithuania and Finland respectively. The volume traded on the monthly transaction market in May amounted to 3 GWh. In May 58 market participants placed buy and sell orders (48 in May 2022).

More detailed information is on the Baltic-Finnish Gas Exchange Trading Report May 2023.

All Baltic-Finnish Gas Exchange Trading Reports are available at 

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