Public Consultation on Amendment of GET Baltic Regulation of Trading on the Natural Gas Exchange

2019-10-17

GET Baltic invites all natural gas market participants and other interested parties to provide comments and opinions on amended Regulation of Trading on the Natural Gas Exchange until 28th October 2019.

Regional Gas Exchange GET Baltic, currently operating in Lithuanian, Latvian and Estonian market areas is expanding geographical coverage by launching new market area in Finland from 1st January 2020 and also merging Latvian and Estonian market areas into one common market area. Further integration of the wholesale natural gas market in the regional natural gas exchange will contribute to the development of the Finnish gas market and due to the integrated trading model will open new opportunities for all market participants.

Harmonized rules for trading on the exchange will be applied to the market participants of all countries. Finnish and Baltic gas exchanges participants will be able to trade in short term and long term products markets. Starting from 1st January 2020:

trading in the short term products market will take place 24/7 every day;
trading in the long term products market will take place from 9:00 to 16:00 o’clock every day.

Trading of day-ahead and within day products will be carried out together with natural gas transportation between Lithuania and Latvia (Kiemenai IP) and between Finland and Estonia (Balticconnector IP). The time of allocation of implicit capacity on the exchange will increase from 1st January 2020:

for day-ahead natural gas product, which is traded a day before the delivery day, available capacities will be allocated from 10:00 to 14:00 o’clock and from 17:30 to 7:00 o’clock;
for within day natural gas product, which is traded during the current delivery day, available capacities will be allocated from 7:00 to 4:00 o’clock.

GET Baltic in order to consistently continue and expand its activities on the Baltic countries and Finland, implement the establishment of new market area, the merger of Latvian and Estonian market areas as well as implied changes in the changing situation, prepared and submitted the drafted amendment of GET Baltic Regulation of Trading on the Natural Gas Exchange (Regulation) to the National Energy Regulatory Council (NERC).

On 16 October 2019 NERC announced a public consultation on the amendment of the Regulation and invites to provide comments and opinions until 28 October 2019 (link to public consultation http://www.vert.lt).

The following amendments have been made to the Regulation:

provisions on the operation of market areas in Finland and on the common Latvian-Estonian market were added;
provisions referring to national secondary legislation were removed;
revised and supplemented definitions and concepts;
amended provisions related to trading session hours;
amended provisions related to implicit capacity allocation period;
provisions related to trading schedule have been adjusted and amended;
a possibility to submit orders via email was removed;
provisions related to electronic trading system’s updates and disruptions have been adjusted and amended;
amended concluded transaction cancellation procedure;
amended annual membership fee arrangements;
adjusted billing date and bill payment terms;
other practical changes.

Comments and opinions on amended Regulation can be submitted to NERC by email [email protected]. Should you have any questions please contact GET Baltic by email [email protected] or by phone +370 5 236 0000.

Documents:

Amended GET Baltic Regulation of Trading on the Natural Gas Exchange

Amended GET Baltic Regulation of Trading on the Natural Gas Exchange comparative version