The Baltic countries Estonia, Latvia and Lithuania will launch the common gas trading platform from the 1st of July 2017. The natural gas exchange UAB GET Baltic signed a contract with software vendor Enoro on the delivery of a regional trading platform for the Baltic gas markets in March 2017.
The regional gas trading platform for the Baltic gas markets will be launched together with the implicit capacity allocation (ICA) model on the 1st of July, ensuring a closer integration of the national natural gas markets in the Baltic countries. The launch of new market areas shall promote the international trade and the development of a liquid and competitive regional market.
Based on the ICA model the day-ahead transmission capacities at interconnection points between member states and the corresponding volume of gas will be allocated at the same time on the exchange.
The regional natural gas exchange operated by the UAB GET Baltic will use Enoro’s Gas Exchange Trading system, powerful, real-time matching engine, which also comprises contract management functionalities for invoicing and distribution.
“GET Baltic made a thorough investigation around the different options of finding a solution and a partner who could meet our current and future business needs. Enoro’s solution had the required rich functionality and we are looking forward to shaping the gas market together with Enoro,” says Mr. Gintaras Buzkys, the acting CEO of GET Baltic.
When the common gas trading platform will be established, the Baltic gas market players will get an access to all products and will be able to compete directly on the exchange, a development which is expected to decrease gas prices for consumers.
“We are very glad that GET Baltic has chosen Enoro as their preferred vendor for a project shaping the gas market in the Baltic region. It further demonstrates that our chosen strategy to significantly invest into the software supporting the launch and growth of new markets is yielding results”, says Mikko Hytönen, CEO of Enoro Oy.
For more information, contact:
Mikko Hytönen, CEO Enoro Oy
+358 40 758 5801
Enoro develops and delivers software solutions and services to create competitive advantage for energy utilities in Europe and beyond. With over 20 years’ experience and more than 250 employees we have a unique industry experience. More than 400 companies in Europe use Enoro’s solutions daily to enhance their operations and 28 million energy customers rely on data from Enoro. Enoro’s energy data management systems draw on a deep understanding of the energy business, regulatory environment, IT systems and business processes.
About UAB GET Baltic
UAB GET Baltic, incorporated in 2012, is a licensed natural gas market operator under the supervision of the National Control Commission for Prices and Energy (NCC). Company organizes physical trade of natural gas for a short term products based on the fully automatized electronic trading system. GET Baltic constantly listens to its customers to enhance its service and deliver it with the highest degree of reliability and integrity. The long term goal of the GET Baltic is to become the regional natural gas exchange operating in the East Baltic region, encouraging competition and generating value for the regional gas market and the players thereof.