In 2024, the activity on the exchange grew while the price of gas in the region fell by 19%
The year 2024 on the GET Baltic natural gas exchange was marked by a growing international community of participants and record-breaking activity. 78 participants placed orders on the exchange and 10 new participants from Lithuania, Latvia, Estonia, Denmark, Poland, Austria and the United Kingdom registered. The active registration of participants was driven by the consistent development of the exchange’s operations alongside other regional infrastructure. Because of this infrastructure, the implicit capacity allocation (ICA) model operated successfully in 2024, with flows returning to full capacity after the completion of repairs on the Balticconnector pipeline in April. With connections operating at full capacity across all trading platforms, price differences decreased, exceeding the 2 EUR/MWh threshold only a few times since April. This highlights the successful development of regional integration and contributes to fostering a competitive trading environment in the region. In 2024, another significant step was taken toward integrating the Baltic and Finnish gas markets into European gas trading markets — the registration of participants to the European Energy Exchange (EEX) commenced. EEX plans to integrate the Baltic and Finnish gas markets into its trading platform in 2025.
In 2024, the volume of gas traded on the GET Baltic natural gas exchange amounted to 8.4 TWh. Annual gas consumption in Baltic-Finnish region grew by 10% compared to the previous year and reached 43.5 TWh, while the volume traded on the GET Baltic exchange accounted for 19% of the total gas consumption. 3.7 TWh of natural gas (44% of the total volume) were purchased on the Lithuanian market area, 2.5 TWh (30%) on the Latvian-Estonian common market area, and 2.1 TWh (26%) in Finland. A total of 31,600 transactions were concluded on the exchange in 2024 – 2% fewer than the previous year (32,200 transactions in 2023). The exchange saw active participation from 78 market participants (compared to 70 participants in 2023). The average yearly natural gas price on the daily market was 39.53 EUR/MWh in 2024, representing a 19% decrease compared to the previous year (48.97 EUR/MWh in 2023). Transaction prices in 2024 ranged from 5.00 EUR/MWh to 100.00 EUR/MWh.
In December, the Baltic-Finnish natural gas price index (BGSI) remained stable compared to November, increasing by 1% from 46.50 EUR/MWh to 46.96 EUR/MWh. Trading volume for December on the exchange totaled 875 GWh of natural gas. Cross-border (ICA) transactions rose by 34% compared to November, accounting for one-third (282 GWh) of the total traded volume. The BGSI at the Lithuanian market area stood at 47.62 EUR/MWh (up <1%), at the Latvian-Estonian common market area it was 45.98 EUR/MWh (up 1%), and in Finland it reached 46.28 EUR/MWh (up 2%). Individual transaction prices in December ranged from 35 EUR/MWh to 77 EUR/MWh.
More detailed information is on the Baltic-Finnish Gas Exchange Trading Report December 2024.
All Baltic-Finnish Gas Exchange Trading Reports are available at www.getbaltic.com