In May, the gas price on the exchange rose by 10%

2024-06-05

On GET Baltic natural gas exchange operating in Baltic States and Finland, the average price of gas in May was 36.56 EUR per megawatt-hour (EUR/MWh). This is 10% higher than in April (33.30 EUR/MWh) and 2% lower than in May 2023, when the average gas price in the region was
37.20 EUR/MWh.

The average price on the Lithuanian market area of the GET Baltic exchange in May was 17% higher than in April at 37.04 EUR/MWh. On the common Latvian and Estonian market area, the gas price increased by 9% to 36.00 EUR/MWh. In Finland, the gas price increased by 5% to 36.25 EUR/MWh. Individual transaction prices in May ranged between 30 and 49 EUR/MWh.

“Last month, global trends led to an increase in the price of gas on the GET Baltic exchange as well, but the price differences between the different market areas on the exchange maintained their downward trend. Although the Lithuanian market was operating without one highly significant source of gas supply – the Klaipėda LNG terminal, last month, the average monthly price difference between market areas was 1 Eur/MWh. This positive impact on price was influenced by the entire established and market-serving exchange trading and gas transportation infrastructure. The region has secured gas supplies from Latvia, Finland and Poland. Price stability between the different market areas has also been influenced by the Exchange’s unique implicit capacity allocation mechanism, which has led to the execution of cross-border trades, with their volumes up by a quarter in May compared to April”, says Giedrė Kurmė, Head of GET Baltic Exchange.

In May, more than 2,000 transactions were made on the GET Baltic exchange and 451 GWh of gas was traded. More than half of the gas – 51% – was purchased on the Lithuanian market area, 23 percent was purchased on the common Latvian-Estonian market area, and 26 percent was purchased on the Finnish market area.

More information:
Laura Šebekienė, Communications & Marketing Manager
Phone: +370 699 61246, laura.sebekiene@getbaltic.com