Eesti Gaas triples gas supplies
Eesti Gaas, the largest private energy company in the Baltic states and Finland, will more than triple its LNG supplies this year – compared to last year’s five LNG cargoes, the company will bring 16 shiploads of LNG to the region this year.
Isabella in Klaipeda port
“One third of the LNG imports to the Baltic region and Finland come through Eesti Gaas – large volumes and direct contracts with the leading LNG suppliers allow us to offer our customers reliable and affordable supplies and increase our market share,” said Margus Kaasik, Chairman of the Managment Board of Eesti Gaas.
“In less than a year, we made a complete turnaround to LNG of Western origin, the new supply routes from Norway and the United States were established and work well today, this has given the regional gas market more security and also helped bring down the price,“ Kaasik noted.
“Heading towards the new heating season, our gas consumers can have peace of mind – European gas storages are full and there will be enough gas. Towards winter, the price of gas is expected to rise somewhat, but according to all assumptions, the upcoming winter will be easier for consumers than the previous one,” said Kaasik.
Of the LNG deliveries ordered by Eesti Gaas this year, four have come to Lithuania’s Klaipeda and eight to Finland’s Inkoo terminal. Until the end of the year, one more cargo to Klaipeda and three to Inkoo have been agreed. The company’s major supply partners are the international energy groups Vitol and Total and Equinor of Norwegian origin. Eesti Gaas was the first to start using the new Finnish Inkoo terminal.
From last autumn’s peak price of 2.85 euros/m3, the price for Eesti Gaas’ household customers has fallen by more than 84 percent to 0.46 euros/m3 today. Larger gas price reductions took place in December of last year and in February of this year, when Eesti Gaas reduced the price of natural gas by 35 and 50 percent, respectively.
Operating in five markets – Finland, Estonia, Latvia, Lithuania and Poland – Eesti Gaas grew last year to become the largest private energy company in the Baltic and Finland region. The company offers its customers natural gas in the form of pipeline gas, compressed natural gas (CNG) and liquefied natural gas (LNG) and manages the largest gas network in Estonia and Latvia. Eesti Gaas is actively engaged in international energy trade and develops a renewable energy portfolio in the form of solar energy and biomethane production and sales. On export markets the company carries Elenger name.
