Incukalns Gas Storage Filled According to Plan Despite Hormuz Strait Crisis
Energy company Elenger has secured half of the natural gas needed for next winter, and Incukalns underground gas storage is being filled as scheduled. Gas prices have dropped by about 20%, but future fluctuations will depend on developments in the Hormuz Strait.
Elenger, the largest private energy company in Finland and the Baltics, has already accumulated half of the natural gas required for the upcoming heating season. The Incukalns underground gas storage is being filled according to plan, and the company assures that there is no reason to worry about gas availability this winter.
This year, the fifth LNG shipment ordered by the company from the US arrived at Inkoo port in Finland. The vessel, built in 2015, is 290 meters long and 46 meters wide, and regularly transports LNG between North America and Europe. The cargo came from the Sabine Pass port in the US.
“By the start of summer, we have secured half of the gas needed for next winter. These volumes have already been delivered via Inkoo port in Finland and Klaipėda port in Lithuania, and contracts for autumn deliveries have been signed,” said Dāvis Skulte, Chairman of the Board of Elenger. He added that natural gas prices have fallen by about 20% in recent weeks, but future price changes will mainly depend on the situation in the Hormuz Strait.
In spring, Elenger received five LNG shipments – three at Inkoo and two at Klaipėda. The gas delivered to Klaipėda was transferred to the floating terminal “Independence” and then transported via the Lithuanian and Latvian gas pipeline system to Incukalns storage. Additional deliveries are planned for autumn. The company sources gas from Norway and the United States.
