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Klaipėdos Nafta (KN), the operator of the Klaipėda LNG terminal, has reported that Lithuanian’s National Energy Regulatory Council (NERC) has today (5 August) approved new regulations covering the use of the facility.

Regulations approved by NERC come into effect 30 days after their approval.

Under the new regulations said KN, there will be ‘higher financial requirements for applicants seeking to participate in the long-term LNG terminal capacity allocation procedure’. In practice, this will mean raising the minimum credit rating by one step and adjusting the size of the bank guarantee for the validity of the proposal.

In addition, there will changes to the allocation principles for long-term, spot cargo and reloading capacity.

KN said that capacity allocation procedures for the year 2023 at the Klaipėda LNG terminal ‘will be carried out in September 2022, after the decision of NERC regarding the approval of the Regulations will enter into force’.

The company added that it will ‘inform the market participants about the exact dates of capacity allocation procedures separately, in accordance with the terms in the Regulations’. 

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