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FSRU in Finland Could Go Unused in Q1 2023

LNG

Finland's new floating storage and regasification unit in Inkoo may go unused in Q1 2023 with limited gas demand and an inability to share cargoes.

  • Commercial operations began on 16 January, but Gasgrid Finland confirmed no slots for Q1 have been booked according to Argus.
  • Mild weather has limited heating demand so far this year with above normal temperatures in both Finland and neighbouring Estonia. Finnish gas consumption in 2022 was down by 53% from 2021 at 11.9TWh in 2022 with higher nuclear and wind power generation.
  • Interest is also limited by special operating rules during Q1 that do not allow firms to share slots. "Local players find it difficult to regasify 800-900GWh within 10-12 days without sharing an inventory" said an Argus source.
  • Finland’s gas requirements can currently be met from LNG imports from the Klaipeda terminal in Lithuania and through the Poland-Lithuania interconnector.
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