Gasum platform delays new Estonia exchange by a year
The planned launch of a natural gas exchange in Estonia has been postponed by a year, Pekka Karinen managing director of Finnish platform Kaasuporssi, has told ICIS.
Finnish gas supplier Gasum, which owns Kaasuporssi, has teamed up with Estonian incumbent Eesti Gaas to develop the exchange.
The two companies now target a launch in August 2014, instead of this autumn as originally planned, with the exchange expected to open for trading in December 2014.
A main reasons for the delay is the low interest shown in the new Lithuanian gas exchange, GET Baltic, also backed by Kaasuporssi together with Lithuanian incumbent Lietuvos Dujos.
Since its start this year, companies have traded smaller volumes on than expected on GET Baltic. This has raised concerns about launching an exchange in Estonia, where the market is even smaller with fewer potential trading parties.
“It is good to give some more time for the market participants to prepare for the trading,” Karinen said.
The model of the Estonian exchange will be similar to its Lithuanian counterpart and initially offer daily continuous trading of gas up to 60 days ahead of deliver ( see ESGM 15 May 2013 ).
The Estonian gas market is in the middle of energy reform, with liberalisation measures expected in 2014.
On the existing Kaasuporssi platform in Finland, gas traders can buy physical forward gas contracts online to meet short-term needs. Nicole Tovstiga
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