JSC Latvijas Gāze will be responsible for maintaining liquidity and continuous trading on Latvian market area. From the 5th of February 2018 JSC Latvijas Gāze, the leading company in the Latvian natural gas market, will start its operation as Market Maker in the Latvian market area of the Baltic Gas Exchange. The Market Maker Agreement concluded between GET Baltic and JSC Latvijas Gāze contributes to maintaining basic liquidity and continuous trading in the Latvian market area. As the Market Maker, JSC Latvijas Gāze will periodically provide certain natural gas purchase and sale orders through the electronic trading system of the exchange.
“We welcome Latvijas Gāze who have joined our Market Maker‘s program. We are glad to see that this program is gaining momentum as trading on the exchange became more active – the number of active exchange participants and the number of transactions executed on different market areas are constantly growing, sufficient liquidity is ensured. It is clear that the integrated trading model creates favourable conditions for competitive environment and price convergence between the Baltic States. Becoming Market Maker Latvijas Gāze will undoubtedly contribute to the development of the natural gas exchange in Latvia and other Baltic States”, said acting Chief Executive Officer of the Baltic Gas Exchange Gintaras Buzkys.
Market Maker is a Baltic Gas Exchange participant, which according to the signed Market Maker’s Agreement undertakes the obligation to submit specific volume of buy and sell orders of natural gas products in order to increase the ability for other Exchange participants to enter into a transaction at a market price.
“As the leading sales and trading company in the Latvian natural gas market we want to take responsibility in supporting the development of a functioning regional gas market. We see GET Baltic’s invitation to become Market Maker as a possibility to further promote the attractiveness and continuous trading in the Latvian market area of the Baltic Gas Exchange. Increased trading activity at GET Baltic will open up new opportunities for all market participants, which finally also benefits customers. Apart from that we believe that a strong regional gas exchange will also contribute to the general development of the sector as well as the Baltic region’s economy”, said Vice-Chairman of the Board Sebastian Grӧblinghoff of JSC Latvijas Gāze.
JSC Latvijas Gāze is a natural gas trading company that ensures the supply of natural gas to approximately 443 thousand customers in Latvia. The company’s objective is to strengthen the position of Latvijas Gāze as a leader in the Latvian and Baltic energy market by becoming the natural gas supplier of first choice for customers and by ensuring the most stable supply of natural gas for the whole region.
Conducting its operations since 2012, GET Baltic is a licensed natural gas market operator with a status of Registered Reporting Mechanism provided by the ACER. The Company administrates the electronic trading system for trading spot and forward natural gas products with physical delivery in the market areas located in Lithuania, Latvia, and Estonia. Moreover, GET Baltic regularly extends the functionality of its electronic trading system and develops other services provided by the Company. By providing high quality services, the Company is seeking to contribute to increase in liquidity, competitiveness, and transparency of the wholesale gas market of the Baltic States.
More information:
Gintaras Buzkys
Acting CEO
Mobile: +370 600 88047
gintaras.buzkys@getbaltic.com
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