The total amount of the LNG terminal required volume surplus was sold at GET Baltic organized auction
On 10th of August the results of LNG termina l required volume surplus auction organized by the Baltic Gas Exchange GET Baltic were announced. The total volume of the natural gas offered to an auction was sold – 110 GWh. Required volume of LNG terminal is set by the legal acts and is imported in order to maintain an efficient minimal LNG terminal activity ensuring energy security and enabling commercial suppliers to import LNG from the global market.
The surplus of the required volume of LNG terminal accumulated by the LNG supply and trading company LITGAS, part of energy company group Lietuvos energija, carrying out the designated supplier activity, attracted wholesale natural gas market participants from all three Baltic States and was sold to one of them at the price equal to 22.62 EUR/MWh, which is higher than the initial minimum selling price – 22.52 EUR/MWh. The winner of the auction, after signing the contract with the designated supplier, will receive purchased natural gas in August-September according to the pre-agreed delivery schedule.
It was the first such public auction in the Baltic States, which ensured effective regasified LNG terminal required volume surplus realization and provided equal conditions for all gas market participants in the Baltic States.
“We are glad about the successful completion of regasified LNG auction and its results. Due to successful cooperation with national regulator and designated supplier we succeeded in organizing the auction within the minimum legal timeline. We are pleased that by developing advanced technological solutions and alternative ways of trading natural gas we can contribute to the creation of a transparent and efficient wholesale natural gas market in the Baltic States“, – said Chief Business Development Officer of GET Baltic Gintaras Buzkys
“We are satisfied with the results of the auction – we managed to realize the surplus of the LNG terminal required volume in a transparent and efficient way under the best conditions.” – said Chief Executive Officer of LITGAS Tadas Adomaitis
Natural gas sold in the auction is part of the cargo shipped to the LNG terminal in July (about 40 thousand cubic meters LNG or about 270 GWh). The remaining volume of this cargo will be supplied to the energy producers, supplied under a natural gas balancing contract or placed in the Inčukalnis Natural Gas Storage.
Market participants can get acquainted with auction results here.
About GET Baltic
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.
Chief Business Development Officer
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