GET Baltic gas exchange to become part of EEX group

European Energy Exchange AG

16/03/2023 16:34

FRANKFURT, March 16 (Reuters) - The European Energy
Exchange (EEX) on Thursday said its acquisition of 66% of the
shares of smaller sector peer GET Baltic was approved by GET's
owner, Amber Grid  EMG1L.VL , paving the way for EEX to extend
its eastwards reach.
    Next up, Amber Grid shareholders will vote on transferring
the majority stake in the Baltic states and Finland gas bourse
to EEX, part of Deutsche Boerse  DB1Gn.DE , at their next annual
general meeting on April 7, EEX said in a statement.
    Amber Grid is Lithuania's pipeline grid operator.
    "The transaction will enhance EEX’s strong position as
European natural gas trading operator and will further improve
liquidity on gas markets," said the chief executive of EEX,
Peter Reitz.
    The two companies plan to offer a harmonised European gas
trading platform that includes both short-term and long-term
products as well as clearing services, the statement said. 
    EEX more than doubled volumes across its gas markets last
year as operators hedged purchases amid supply worries, high
prices and volatility resulting from the drop in Russian gas
exports to the West after Russia's invasion of Ukraine.
    GET Baltic traded 7 terawatt hours (TWh) of gas in 2022,
equating to 17% of total gas consumed in the Baltic and Finnish
markets that year, improving on a share of 12% in 2021.
    A related note on GET Baltic's website said that the purpose
of selecting a strategic partner was to attract more market
participants, "leading to more competition, liquidity and lower
gas prices."  
    The transaction would be finalised in May or June.  

 (Reporting by Vera Eckert, Editing by Josie Kao)
 ((vera.eckert@thomsonreuters.com; +49 30 2201 33654;
@EckertVera;))