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European Energy Exchange selected as a strategic partner of the regional gas exchange GET Baltic

Following the integration of the Baltic and Finnish markets into the common EU gas market last year and aiming at the further development of gas exchange services, the public international tender European Energy Exchange (EEX) was selected as a strategic partner of the regional gas exchange GET Baltic operating in the Baltic States and Finland.

The purpose of selecting a strategic partner is to increase the choice and quality of the services and products offered for the region by GET Baltic, with more intensive trading and a larger number of market participants leading to greater competition, liquidity and lower gas prices.

After completing the public tender procedures, the General Meeting of Shareholders of Amber Grid will vote to sell 66 per cent of the shares of GET Baltic to EEX. The value of the proposed acquisition of 66 per cent of the shares of GET Baltic amounts to 6.5 million euros offered by EEX.

The price reflects the strong performance of GET Baltic in the year 2022 with a revenue of 1.61 million euros and an EBITDA of 0.93 million euros. The strategic partner met all set requirements of the public tender and offered the highest price for the shares of GET Baltic. The remaining 34 per cent of the shares may be sold at a later stage to the same investor by means of an option, subject to fulfilment of the contractual obligations of the investor that will provide benefits for the Baltic and Finnish market.

“The fact that EEX, a well-known energy exchange on the global commodity market, has become a strategic partner of GET Baltic is a significant change for the entire region of Baltic States and Finland,” said Nemunas Biknius, CEO of Amber Grid. “The presence of such an investor will provide the gas market participants with a wider choice of the exchange products, ensure the participants’ access to the latest technological solutions, for example, trading and clearing systems and will increase integration into the pan-European gas trading markets. Competitive pricing of services, faster liquidity growth and trading in attractive conditions will be the goal.”

“The gas markets of GET Baltic are a valuable addition to the existing gas offering and clearing services of EEX Group,” commented Peter Reitz, CEO of EEX. “Together with GET Baltic, we want to strengthen the gas markets in the Baltic Sea Region and further integrate the European gas markets. Our expertise in the development and operation of the European gas markets forms an optimal basis for this. Therefore, we are very pleased to have been awarded the contract for the acquisition of the majority shares in GET Baltic.”

In the upcoming years, together with the selected strategic partner of GET Baltic, it is planned to offer to the regional gas market participants a harmonised and 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. Such a need was confirmed by the clients’ expectations to upgrade the trading system, introduce improved functionalities and offer new trading opportunities identified in the surveys of the customers of the exchange.

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