Estonian experts do not expect the price of gas to fall in the coming months and see no reason for it to do so until the end of the year. Currently, there is a shortage across Europe.
The price of natural gas has risen to EUR 130 per megawatt-hour. In April, it was EUR 100 and below EUR 90 in May. Prices have risen sharply after Russia cut deliveries to 12 EU countries.
Several countries have launched plans to reduce gas consumption.
Marko Allikson, member of the management board of Baltic Energy Partners, said there were concerns about ongoing maintenance work of the Nord Stream 1 pipeline, which brought gas from Russia via Germany, and whether it would continue to work afterward. If it does not, then this will further reduce the supply of gas.
He said the market was “very anxious”.
“But from the point of view of Estonian gas supply, this does not mean much,” he added.
Eesti Gaas, the largest gas supplier in Estonia, is able to provide gas to its customers, said Raul Kotov, a member of the company’s Board. He said prices would remain at EUR 120-130 this autumn.
“Here, also, during the heating season last autumn, the price of gas was actually EUR 130 per megawatt-hour, but the shortage of gas was certainly not as great as before the war, so it could be said that it was a bit more complicated,” Kotov said, adding it was hoped the LNG storage terminal at Paldiski would be built as it provided a guarantee.
Discussions around the construction of the storage terminal are ongoing after the last tender fell through.
Priit Ploompuu, a member of the board of the Estonian Stockpile Center, said the market situation had worsened but it was hoped to increase supply soon. (ERR/Business World Magazine)
