Colder temperature during heating season and significantly higher natural gas prices were the two main factors, which influenced the Latvijas Gāze performance in 2021. Colder temperature increased Latvijas Gāze sales and utilization of Gaso distribution network.
JSC Latvijas Gāze has concluded amendments to the existing overdraft agreement with OP Corporate Bank plc, Latvian branch.
In the wake of the energy crisis across Europe, the government has decided to compensate for the increase in the price of natural gas for citizens with annual natural gas consumption above 250 m3. Compensation will be applied for the period from January to the end of April 2022. Households do not need to apply for state aid; the reduced fee will be included in the billing documents automatically in accordance with the amount determined by the state.
2021 was unexpectedly challenging and dynamic for the natural gas market. Several global conditions caused a sharp price jump because of which the price of natural gas was almost 6 times higher at the end of 2021 than at the beginning of the year. This has had a significant impact on both natural gas users and natural gas traders.
The net turnover of the Group reached EUR 281.2 million in the nine months of 2021, which is 113 % more than in the corresponding period in 2020.
On 9 November 2021, the 13th Baltic Gas Market Forum, where participants talked about regional infrastructure development projects such as GIPL and ELLI, and shared information regarding the latest developments in the Baltic and Finnish natural gas markets.