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JSC “Latvijas Gāze” statement on natural gas reserves

·2-min read
Latvijas Gaze
Latvijas Gaze

The JSC “Latvijas Gāze” reiterates that the natural gas quantity available in the Inčukalns Underground Gas Storage Facility as at the date of publishing this statement is 0,45 TWh.

Importantly, the natural gas quantity of 1 030 979,720 MWh being kept on the storage capacities of the JSC “Latvijas Gāze” in the Inčukalns Underground Gas Storage Facility is destined for other merchants in order to meet the contractual obligations assumed under the effective long-term supply contracts.

Having regard to the above, the natural gas quantity available as at 31.08.2022 will be 0,29 TWh.

Since in August it was not possible for the JSC “Latvijas Gāze” to purchase the natural gas quantity planned via pipeline supplies, the natural gas quantity available as at 31.08.2022 will be lower.

Detailed information on the ownership status of the natural gas reserves of the JSC “Latvijas Gāze” in the Inčukalns Underground Gas Storage Facility has been sent to the JSC “Conexus Baltic Grid” (and for information to Prime Minister K. Kariņš and the Ministry of Economics).

JSC “Latvijas Gāze”

Chairman of the Board

Aigars Kalvītis

On JSC "Latvijas Gāze"

Latvijas Gāze is one of the leaders of the Baltic energy industry.

Our goal is to consolidate the leading position of the Latvijas Gāze Group in the Latvian and Baltic energy market by becoming the customers’ first choice among natural gas suppliers and providing the most reliable natural gas supply for the entire region.

The wholesale and sale of natural gas to business customers is carried out in Latvia, Lithuania and Estonia. Following the opening of the Finnish gas market on January 1, 2020, Latvijas Gāze has successfully started natural gas trading in Finland as well. In the household segment, Latvijas Gāze is the biggest and most prominent natural gas trader in Latvia.

After Latvia regained its independence in 1991, a joint state-owned company “Latvijas Gāze” was established by merging the Latvian gas infrastructure and institutions. The privatisation of the company was commenced in 1997 and completed in 2002. Since February 15, 1999, the shares of the JSC “Latvijas Gāze” have been quoted on the Nasdaq Riga stock exchange. Taking into account the requirements of the European Union for the establishment of the natural gas market and the expiry of the privatisation agreement between the state and the shareholders of Latvijas Gāze, the unified transmission and storage operator JSC “Conexus Baltic Grid” was separated from Latvijas Gāze in early 2017, followed by the separation of the distribution system operator JSC “Gaso” on December 1, 2017.

Contact information:

Sandra Joksta

phone + 371 67 374 369