Gas prices on the GET Baltic exchange continue to fall for the sixth consecutive month

2023-07-05

Despite the daily volatility of natural gas prices, the average monthly price on the exchange has maintained its downward trend for the sixth consecutive month. In June 2023, exchange participants paid for gas on average 2% less: the Baltic and Finnish Gas Spot Index (BGSI) value decreased from 37.20 to 36.31 EUR/MWh compared to the previous month.

Responding to global gas price trends, individual transaction prices in the Baltic-Finland region in June ranged from 26.50 to 52.49 EUR/MWh. However, according to data from “Gas Infrastructure Europe,” the InĨukalns gas storage facility in Latvia was added by an additional 11 percentage points in June, and by the end of the month, its filling level reached almost 62% – an increase of 52% compared to the same period last year.

The faster filling of the storage facility is influenced by favorable average gas prices in the market and the expanded gas transmission infrastructure in the region in recent years. In the spring of last year, the gas interconnection GIPL between Lithuania and Poland became operational, later the strategic project ELLI was implemented by “Amber Grid” in the autumn leading to the increase in gas transmission capacities between Lithuania and Latvia. In addition, a new LNG terminal in Finland started operations in January this year.

The GET Baltic exchange captured record activity in its monthly market in June – 19 transactions were concluded, all in the Lithuanian market area. The average price in the monthly market (BGMI) in June was 40.07 EUR/MWh.

In total, 576 GWh of natural gas was traded on the GET Baltic exchange during June, of which 170 GWh were executed through cross-border (ICA) transactions – a 55% increase compared year on year. The majority of gas was purchased in the Lithuanian market area, accounting for 44% of the total volume, and 28% each in the Latvian-Estonian common market area and Finland. Out of all the transactions concluded, 483 GWh of natural gas was traded in the daily market and 93 GWh – in the monthly.

More information:
Roberta KaklienÄ—
Product and Service Development Project Manager
roberta.kakliene@getbaltic.com
Tel. +370 681 74822

Phone: +370 5 236 0000
E-mail: info@getbaltic.com

GET Baltic website uses two main types of cookies.

Our website uses essential cookies that are necessary for the proper functioning of the website and statistical cookies for the analysis of our traffic. With the following statement, you can agree to the use of cookies. More information in Cookies policy