Lithuanian gas transmission system operator Amber Grid begins selection of a strategic partner for its subsidiary GET Baltic, a regional gas exchange. Its attraction is aimed to benefit on the synergies of the common EU gas market and to enable to offer the most advanced gas trading solutions to customers of the regional gas exchange GET Baltic.
Lithuania, other Baltic countries and Finland this year will be connected to Poland and the pan-European gas market via GIPL interconnection. That opens greater opportunities for cross-border gas trade. Attracting a strategic partner will ensure for gas market participants access to the latest technological solutions – trading and clearing systems. This future partnership also aims to ensure competitive exchange fees, faster liquidity growth and attractive trading conditions.
A material of public international tender is published on the website of Amber Grid. The tender is organized in several stages. Applications from participating companies are accepted until March 15, 2022. Following stage – consultations on the key terms of the transaction with the selected participants, and submission and evaluation of tenders. It is planned that a strategic partner will be selected this year.
Companies with at least 3 years of experience in organizing gas trade in short-term and long-term gas products in the European Union and operating in more advanced gas market will be able to participate in the selection of a strategic partner. The participant who meets the qualification requirements and offers the highest price for GET Baltic shares will be able to acquire a stake of 66% in GET Baltic. The remaining part of the shares accounting for 34% would subsequently be sold as an option to the same investor, once it discharges the obligations under the sale-purchase agreement related to ensuring benefits for the regional market.
Together with an experienced strategic partner operating in more advanced EU gas markets, GET Baltic is expected to offer gas market participants a modern, advanced solutions-based gas trading platform that includes both short-term and long-term products and clearing services in line with the best market practices. This need is also confirmed by expectations identified during the survey of the exchange clients to update the trading system, to implement improved functionalities and to offer new trading opportunities.
Amber Grid subsidiary gas exchange GET Baltic is a licensed natural gas market operator having the status of a registered reporting mechanism (RRM) granted by ACER. The company administers an electronic trading system for trading short-term and long-term natural gas products with physical delivery, in the market areas located in Lithuania, Latvia, Estonia and Finland. By developing solutions adapted for natural gas trading is intended to increase the liquidity, competitiveness, and transparency of the Baltic and Finnish wholesale gas markets.
The information about the public international tender is published on the website of Amber Grid.