Energy, Gas Market , Good for Business, Latvia, Lithuania

International Internet Magazine. Baltic States news & analytics Friday, 06.12.2019, 01:17

Lithuania's LET to supply gas to Riga heating company in March

BC, Riga, 08.03.2019.Print version
Lietuvos Energijos Tiekimas (Lithuanian Energy Supply, LET), an electricity and gas provider which is part of Lithuania's state-run group Lietuvos Energija (Lithuanian Energy), will supply has to Riga heating provider Rigas Siltums the whole month of March, LET said on Friday.

The company said it offered the best price during a tender and won, without disclosing the deal's value.

"The rise in the taxes for the transportation of national gas over the Lithuanian-Latvia border is limiting the competitiveness of our offers. Nevertheless, this tender shows that we are capable of successfully competing even with local Latvian companies not facing these costs by having diversified supply sources and an effectively managed portfolio," LET CEO Mantas Mikalajunas said in a statement.

In his words, LET is the only company in the region, securing gas supply from three sources as the company has a long-term LNG contract with Norway's Equinor, buys gas on the LNG spot market, and buys gas via pipelines (Gazprom) and uses the Incukalns underground gas storage in Latvia.

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