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At the meeting of the National Control Commission for Prices and Energy (the NCCPE) held on 8 November 2012, UAB GET Baltic was given the natural gas market operator‘s licence granting the right to carry out the activity of the Natural Gas Exchange. In the nearest time, the company is going to submit the Regulations of the Natural Gas Exchange – the document establishing rules and principles for the arrangement of trade in natural gas at the Natural Gas Exchange of UAB GET Baltic for approval by the NCCPE.
“For the time being, the Regulations of the Natural Gas Exchange, which will be submitted for approval by the NCCPE in the nearest time, are on the latest stage of development. As the NCCPE presents the documentation of this type to public consultations, we are inviting and encouraging all the natural gas market players to look through these Regulations and express their opinions or comments. The long-term experience of our partners – the Finnish Natural Gas Exchange has shown that this trading instrument operates as consistently as possible when market players themselves contribute to the formation of trading principles.
We expect that we will start trading at our Natural Gas Exchange already at the beginning of January next year. Upon the final approval and adoption of the Regulations of the Natural Gas Exchange, prior to the beginning of trade, we will invite the prospect participants of the Exchange for a meeting and will present the milestone aspects of application of this new instrument for trade in natural gas,” said Haroldas Nausėda, CEO of UAB GET Baltic.
The shareholders of UAB GET Baltic are AB Lietuvos Dujos, which holds 66 percent of shares, and the Finnish natural gas company Gasum Oy, which holds 34 percent of shares. The UAB GET Baltic Exchange will operate based on the electronic trading system of the Finnish Natural Gas Exchange Kaasuporssi Oy. At this time, woks for the adjustment of the system to the requirements of the legal acts of the Republic of Lithuania are carried out.