The price of gas on the GET Baltic exchange fell by 24% in February

In February, on the GET Baltic natural gas exchange, operating in the Baltic States and Finland, gas averaged 31.39 EUR per megawatt-hour (EUR/MWh). This is 24% lower than in January (41.46 EUR/MWh) and almost half (47%) the price of 58.82 EUR/MWh compared to February 2023. Last month’s gas price was the lowest since July 2021.

“Europe’s gas storage facilities have welcomed the spring half full. The overall European Union gas storage capacity is 62% full, with Latvia’s Inčukalns storage still at 50% or 12 TWh of gas. The surplus of gas on the market is likely to continue to push the price down,” says GET Baltic exchange CEO Giedrė Kurmė.

In the Lithuanian market area of the GET Baltic exchange, the average price in February decreased by 14% compared to January, reaching 28.77 EUR/MWh. In the common Latvian and Estonian market area, the gas price fell by 16% to 25.93 EUR/MWh. In Finland, the gas price decreased by 29% to 45.47 EUR/MWh. In the latter market area, gas prices fluctuated significantly over the course of the month, with the most expensive transaction at 86 EUR/MWh and the cheapest at just 5 EUR/MWh.

The largest volume of gas purchased in February was on the common Latvian-Estonian market area, accounting for 45% of the total volume traded on the exchange. In Lithuania, 31% of the total volume was purchased, while in Finland, it was 24%. In February, 1 terawatt-hour (TWh) of gas was traded on the exchange. This is 23% less than in January when 1.3 TWh was traded.

Last month, two new participants from Latvia and Denmark joined the GET Baltic exchange, bringing the number of active participants to 63. During the month, 3.2 thousand transactions were concluded on the exchange. Compared to the same period in 2023, the number of transactions increased by 5%.

More information:
Laura Šebekienė, Communications & Marketing Manager
Phone: +370 699 61246, [email protected]