There should be no problems with gas sufficiency next heating season in the Baltic-Finnish region - Latvenergo

  • 2023-01-12
  • LETA/TBT Staff

RIGA - In the Baltic-Finnish region, there are the Klaipeda and Inko liquefied natural gas (LNG) terminals, so there should not be any problems with gas sufficiency in the next heating season, Martins Cakste, chairman of the board of joint-stock power company Latvenergo, said in an interview with LETA.

Commenting on the situation regarding gas sufficiency in Europe in the next heating season, when Russian gas will no longer be pumped into European storages, as was the case in 2022, Cakste explained that the situation should be looked at by European regions.

"If we look at the Baltic-Finnish region, these two terminals - in Klaipeda and Inko - are enough for us. Therefore, we should not have any problems with gas sufficiency," said the head of Latvenergo, adding that in Germany "it will be very tense". Cakste, however, emphasized that the chemical industry will mostly suffer from this, since gas is used for electricity production in Germany to the extent of just 10 percent.

When asked if this means that the price of gas will increase, Cakste explained that there will be pressure on the price, but it will not be the same price range as it was in 2022.

"Gas will still not be cheap, because for this to happen, we still have to wait at least two years until there are enough gas terminals in Europe," said Cakste.