Gas spot price lower by 30%

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September 7, 2010

This summer’s natural gas market spot price might be 30% lower than it is recorded in the contracts.

This was announced by a/s Latvijas Gāze Chairman of the Board Adrians Davis (Adrians Dāvis), when commenting the statement of the European Energy Commissioner Günther Oettinger that the cost of natural gas in Germany is by 30% lower.

«It would be better if the Commissioner proved his statement on the huge difference in gas prices with official documents. Natural gas price is confidential in any country. Only when talking about the spot price of the Stock Exchange, then this summer it would be around 30% lower than our long-term contract price. However in winter, when the consumption changes, the stock price will be back on top,» considers Davis.

«What regards the same price for natural gas in the whole Europe, a separate department has to established, which would deal with natural gas purchase contracts for the entire Europe not only with Gazprom, but also with Algeria, Norway and Lybia,» indicates Davis.

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