Eesti Gaas significantly lowers the price of natural gas

Based on the drop in natural gas prices on the world market, Eesti Gaas will reduce the price of the flexible package for domestic customers by 35 percent in December. The new price from 1.12.2022 is 1.85 euros/m3 including VAT.

Tanker Isabella arriving at the port of Klaipeda 

“Warm weather, full tanks and a decrease in gas consumption have currently brought down the price on the world market, which is why we can now inform our customers of a price decrease instead of the feared price increase before the winter,” noted Margus Kaasik, Chairman of the Board of Eesti Gaas.

“How long such an oversupply of gas will last in Europe is difficult to say at the moment. In the near term, this will probably continue, but the moment of truth will come with cold weather and an increase in demand. In any case, the rapidly developing LNG infrastructure and ports in Europe will help bring down the high price of gas and keep it in place,” said Kaasik.

“There is enough gas in the world and at a reasonable price, the issue today is the absorption capacity of both Europe and our region and long-term contracts with suppliers. I would really like to hope that we have passed the peak and in the future, when talking about the price, we can share mainly only good news,” said Kaasik.

Last week, the first shipload of gas from the United States, ordered by Eesti Gaas, arrived in Klaipeda. This is already the fourth large gas supply with which Eesti Gaas ensures the supply of its customers in the autumn months. The next ships ordered by Eesti Gaas will arrive in November and January.

Eesti Gaas offers its customers natural gas in the form of pipeline gas, compressed natural gas (CNG) and liquefied natural gas (LNG) and manages the country’s largest gas network. The company is actively developing a renewable energy portfolio in the form of solar energy and green gas (biomethane) production and sales.

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