On 16 September 2019 in Vilnius, representatives of IRGiT and GET Baltic signed an agreement on the basis of which IRGiT will provide advisory services concerning the development of a clearing, settlement and risk management model for the gas markets operated by GET Baltic for Lithuania, Latvia and Estonia.

The objective of the cooperation is to create an optimal clearing and settlement model as well as a risk management system for spot and forward gas markets operated by GET Baltic.

This was important point in the First Business Picnic agenda, because signing of a Cooperation Agreement was made between two parties brought together by the Polish Lithuanian Chamber of Commerce, i.e. the Polish Commodity Clearing House S.A. (IRGiT) – a part of the TGE Group (Towarowa Giełda Energii is a member of the Polish Lithuanian Chamber of Commerce) and the Lithuanian Gas Exchange GET Baltic, what was a perfect complement of our Business Picnic.

On behalf of IRGiT, the signatories of the agreement were:

Andrzej Kalinowski – President of the Management Board

Łukasz Goliszewski – Vice President of the Management Board

 On behalf of GET Baltic, the signatory of the agreement was:

Giedrė Kurmė - Chief Executive Officer

CONGRATULATIONS and good luck in further partnership!

Photo Joanna Bozerodska, zw.lt

About IRGiT : 

IRGiT (Izba Rozliczeniowa Giełd Towarowych S.A.) is a clearing house licensed by the Polish Financial Supervision Authority and operating on the Polish market for electricity, gas, property rights and CO₂ Emission Allowances, responsible for clearing, settlement and securing of all transactions entered into on Towarowa Giełda Energii S.A. (TGE). IRGiT is a part of the Warsaw Stock Exchange group and is a member of  EACH – the European Association of CCP Clearing Houses as well as the Association of Futures Markets. In 2018, the volume of transactions registered by IRGiT totalled 446 TWh for electricity, 286 Twh for gas and 52 TWh for Property Rights. The total value of the collaterals contributed to IRGiT at the end of August 2019 amounted to over PLN 7.2 billion. More information: https://www.irgit.pl/en