Finnish energy company, Eesti Gaas, claimed to be the largest private energy company in the Baltic states is to more than triple its LNG supplies this year.
Last year, the company handled five LNG cargoes, however, it said it will import 16 cargoes this year.
“One third of the LNG imports to the Baltic region and Finland come through Eesti Gaas. Large volumes and direct contracts with the leading LNG suppliers allow us to offer our customers reliable and affordable supplies and increase our market share,” said Margus Kaasik, Chairman of the Managment Board of Eesti Gaas.
“In less than a year, we made a complete turnaround to LNG of Western origin, the new supply routes from Norway and the US were established and work well today, this has given the regional gas market more security and also helped bring down the price.
“Heading towards the new heating season, our gas consumers can have peace of mind – European gas storages are full and there will be enough gas. Towards winter, the price of gas is expected to rise somewhat, but according to all assumptions, the upcoming winter will be easier for consumers than the previous one,” he said.
Of the LNG deliveries ordered by Eesti Gaas this year, four have come to Lithuania’s Klaipeda and eight to Finland’s Inkoo terminal. Up to end of the year, another Klaipeda cargo and three more for Inkoo have been agreed.
The company’s major supply partners are Vitol and TotalEnergies, plus Equinor, Eesti Gaas confirmed.
From last autumn’s peak price of €2.85 per cu m, the price for Eesti Gaas’ household customers has fallen by more than 84% to €0.46 per cu m.
Large gas price reductions were seen in December last year and in February of this year, when Eesti Gaas reduced the price of natural gas by 35 and 50%, respectively.
Operating in five markets – Finland, Estonia, Latvia, Lithuania and Poland – Eesti Gaas grew last year to become the largest private energy company in the Baltic and Finland region, the company claimed.
The company offers its customers natural gas in the form of pipeline gas, compressed natural gas (CNG) and liquefied natural gas (LNG) and manages the largest gas network in Estonia and Latvia.
For its export markets, the company operates under the banner of Elenger.
