Regional Gas Exchange GET Baltic has launched new market area in Finland
From 1st of January 2020 Regional Gas Exchange GET Baltic, operating in Lithuanian, Latvian and Estonian market areas, has successfully launched new market area in Finland becoming the one regional trading platform for the one Baltic – Finnish gas market. The first trade was registered today at 07:21 AM for the gas delivery to Finland from the Common Latvian and Estonian market area for an amount of 1000 MWh at 16,00 EUR/MWh.
Both physical spot and forward contracts are now available for trading via regional trading platform and will lead to the delivery of natural gas at the Finnish Virtual Trading Point, which is operated by Gasgrid Finland. In addition, the implicit capacity allocation model, also known as GET Baltic’s market integration technology, is applied and will contribute to the price convergence in the region and will simplify the cross-border trading between the Finnish and Baltic gas market players.
“By expanding to Finland, GET Baltic has taken a final step in establishing a one-stop-shop for natural gas trading in the region. Moreover, by integrating short-term gas markets on the regional gas exchange, we have created favourable conditions for new gas market players to enter the open Finnish gas market and to contribute to the higher liquidity, competition and price transparency”, says Gintaras Buzkys, Chief Business Development Officer at GET Baltic.
“As GET Baltic, we will continue adapting our technology-driven organization to evolving market demands and strive to deliver simple, efficient and reliable gas trading solutions to our customers. We are therefore confident that our products will match the energy traders’ needs to find suitable counterparties, inside and outside of Finland, while benefitting from the GET Baltic’s regional trading platform, which connects different markets into one liquidity pool”, added Gintaras Buzkys.
The number of participants and transactions concluded on different market areas of the regional gas exchange is constantly growing. Currently, 92 market participants are registered on the GET Baltic’s gas exchange. For 20 leading energy and industrial companies GET Baltic has granted access to the Finnish market area, including 2 Market Makers who will take responsibility in maintaining sufficient liquidity and continuous trading on the Finnish market area by periodically providing natural gas sale and purchase orders through the trading platform of the regional gas exchange.
GET Baltic operates as a licensed natural gas market operator with the status of Registered Reporting Mechanism provided by 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, Estonia and from 1st January 2020 Finland. The development of tailor-made solutions for natural gas trading is intended to contribute to increased liquidity, competitiveness and transparency of wholesale gas markets in the Baltic States and Finland.
For further information please contact:
Chief Business Development Officer, GET Baltic
Phone: +370 600 88047