Towards a regional gas market in the Baltic States: political, economic and legal aspects
2016
Molis, A., Vytautas Magnus Univ., Kaunas (Lithuania)
Construction of a LNG terminal has been a critical element in the Baltic States’ governments’ strategy to diversify sources of natural gas and establish a single market through expansion of hub-based trading. Establishment of the gas trading mechanisms that lead towards integration of the gas markets is the next goal. It should be achieved by the joint efforts of all Baltic Sea Region states. However, it will not be an easy task: continuing decrease of gas consumption, different existing national legal and regulatory frameworks, large scale of ongoing gas diversification projects are just few of the more important barriers. On the other hand, the electricity sector demonstrates that the existence of a joint Baltic States’ gas market is possible even in these complicated circumstances. Trading natural gas at an exchange has already been launched in Lithuania. Gasum and Lietuvos Dujos regard this exchange as an instrument for implementing a longterm objective which is bringing Finland and the three Baltic States to trade gas within the joint exchange. This is relevant for the already commissioned LNG terminal in Klaipeda: an exchange platform enables purchases for the unforeseen needs of natural gas or to sell the surplus volume of natural gas, to balance the portfolio of suppliers or consumers natural gas flows. The “GET Baltic” exchange instrument now is mostly being used to trade gas on the national level, but has the potential to be enlarged to the regional scale. There are at least few ways in which a joint venture can be structured if the gas exchange company “GET Baltic” is being transformed into an entity where transmission system operators of the three Baltic State and Finland have shares. Parties may set up corporation or contribute to it via arm’s-length commercial agreements. In addition to establishing a corporation, the parties could consider a supply agreement for services or select any other form of co-operation. In any case, parties will have to decide on the form to regulate their relationship – this is usually determined by the respective goals and strategies of the parties.
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