Finnish gas transmission system operator Gasum Oy and Lithuanian gas exchange operator UAB GET Baltic have entered to an agreement that leads to Kaasupörssi Oy to be closed on 1.1.2020, when the Finnish gas market is opened for competition. Simultaneously, the Regional Gas Exchange GET Baltic will start its operation in Finland. GET Baltic is already operational in Estonia, Latvia and Lithuania.
As of 1.1.2020 GET Baltic will offer access to spot and forward contracts for the Finnish gas market participants via regional trading platform. Offered services also include implicit capacity allocation (ICA) model application on the Balticconnector interconnection point, weighted gas price calculation, REMIT data reporting, UMM publication platform and administration for inside information publication to market participants and reporting to ACER. During 2020 GET Baltic will also develop a secondary capacity trading service for the market, to be designed together with future gas transmission system operator (TSO) Gasgrid Finland, based on market needs.
One of the key goals of Gasgrid Finland is to promote a well-functioning gas market in Finland. As a result of the agreement, cross-border trading opportunities are expected to improve – adding up to liquidity, competition and transparency, all of which can be seen marks of a well-functioning gas market.
The agreement was negotiated from the perspective of the future gas TSO, carefully considering the interest of the gas market. Finnish Gas Transmission Services, that played a key role in the negotiations, was established in 2018 to organize the operations of the independent gas TSO Gasgrid Finland. Gasgrid Finland will start its operations 1.1.2020 as a result of unbundling the transmission system operations from the state-owned energy company Gasum.