Latvijas Gaze asks regulator to revise gas rates amid soaring price

  • 2022-09-13
  • LETA/TBT Staff

RIGA - Latvijas Gaze natural gas utility has asked the Public Utilities Commission to consider a fresh hike of gas rates from October 1, the regulator informed LETA. 

The Public Utilities Commission has received the gas company's request to consider a revision of the gas rates, but not gas rate proposals. The regulator is now considering the request. 

The Public Utilities Commission noted that under the current rules Latvijas Gaze changes its gas rates for households twice a year - on July 1 and January 1.

Earlier, Latvijas Gaze CEO Aivars Kalvitis said in an interview with TV3 channel that the company was going to raise gas tariffs once more this year as the gas purchase price has significantly increased. 

Kalvitis said that a shipload of gas now costs an estimated EUR 250 million and there are few companies in the Baltics that can afford to pay such a price. 

The high gas price, in Kalvitis' words, is the reason why Latvijas Gaze is asking the regulator to review the gas rates as the rates effective since July have been calculated at a time when the gas price was much lower.