The gas sales price of Eesti Gaas will change from September

Due to the soaring price of natural gas on the world market, Eesti Gaas will change the price list for gas sales to residential customers as of 1 September.

Energy prices, 2020-21, Refinitiv 

The world gas price started to rise already in 2020, but this year the growth has accelerated significantly and the price has doubled since the spring. The sharp increase in purchase prices is forcing gas sales prices to be adjusted in Estonia as well.

“In July of this year, the price of the world gas market reached the record level of the last decade. We have been able to keep the sales price of residential customers stable and unchanged for the last three years, but the almost 60% increase in purchase prices in the last six months forces us to make corrections, ”said Margus Kaasik, Member of the Management Board of Eesti Gaas.

“The new price depends on the customer’s gas consumption and the terms of the contract, the growth will be appr. 51 percent on average,” said Margus Kaasik, adding that the company is ready to adjust the price downwards again in the future if demand and world market prices decline.

According to the member of the Management Board of Eesti Gaas, the reason for the increase in world gas prices, which started last year, is the general increase in confidence and economic recovery after passing the culmination of the corona pandemic, and the related increase in demand and raw material prices.