Eesti Gaas to lower natgas price 30 pct from February

TALLINN - Starting from Feb. 1, 2023, Estonia's private gas supply company Eesti Gaas is to lower the price of natural gas for household customers with a flexible package close to 30 percent to 1.25 euros per cubic meter with VAT.

"Fearing a shortage of gas supply, Europe has filled up its storage facilities and the reserves are much larger than at the same time in previous years. The reserves are decreasing slowly due to warm weather and energy cost savings, which have also reduced demand and the global market price," member of the management board of Eesti Gaas Raul Kotov said in a press release.

Eesti Gaas has already lowered the price of natural gas for its customers on repeated occasions this year.

"Whether or not we'll be able to continue the current downward trend depends on weather conditions and changes in demand. We're also prepared for an increase in gas consumption and ensured supply for the next few months with LNG deliveries," Kotov said. The company is also working to ensure further LNG deliveries for the first few months of next year.

Five large LNG vessels have delivered natural gas for Eesti Gaas this year. In May, the gas tanker Aristidis arrived at the Klaipeda terminal from the United States; in June, Diamond Gas Crystal arrived from the United States and Arctic Princess from Norway. In October, the vessel Isabella delivered natural gas for the company from the United States, and in November, Arctic Aurora from Norway.