The gas price on the GET Baltic exchange decreased by 5% in January

Gas on the GET Baltic natural gas exchange operating in the Baltic countries and Finland in January averaged EUR 41.5 per megawatt-hour (EUR/MWh). That is 5% lower than in December (EUR 43.5/MWh), and 40% lower than in January last year, when the average gas price in the region was 69 EUR/MWh. On the Baltic-Finnish market, the average gas price fell throughout the month, from around €50/MWh in the beginning of January to around €35/MWh by the end of the month.

“The gas price curve is moving downwards across Europe due to the high level of gas storage capacity. This trend is also reflected in the Baltic-Finland region. With a relatively mild winter, gas supply exceeds demand, which leads to a decrease in price,” says Giedrė Kurmė, CEO of GET Baltic.

The average price on the Lithuanian market area fell by 15% to EUR 33.69/MWh in January compared to December. On the common Latvian and Estonian market area, the gas price fell by 14% to EUR 30.80/MWh. In Finland, the price of gas remains high due to the temporary inactivity of the Balticconector pipeline, with a slight increase in January compared to December to EUR 64.41.

In January 2024, 57% of the total volume of traded gas was purchased in Lithuania, 15% in the common Latvian and Estonian market area and 27% in Finland.

In the first month of the year, a significant volume of 1.3 TWh of gas was traded. The biggest spike in trading volumes was recorded for the delivery of 5^th of January, when 108 GWh of gas were traded. This is the highest daily trading volume in the history of the GET Baltic. The cold snap that hit Scandinavia and the Baltic States in the first days of January led to a sudden increase in the demand of natural gas for power and heat generation.

A total of 4,000 gas purchases and sales were made on the exchange in January. Compared to the same period last year, the number of transactions increased by 12%. There were 60 active gas traders on the GET Baltic exchange, both in January this year and last year. This reflects the stability of the market and is a result of the Exchange’s consistent performance and maturity.

More information:
Laura Šebekienė, Communications & Marketing Manager
Phone: +370 699 61246, laura.sebekiene@getbaltic.com