VILNIUS, June 30 (Xinhua) — Germany’s European Energy Exchange (EEX) is set to replace GET Baltic, a gas exchange operator serving the Baltic states and Finland, starting in September, the National Energy Regulatory Council (NERC) of Lithuania said on Monday.

NERC approved EEX to operate as an exchange operator in Lithuania last week, according to the Baltic News Service (BNS).

“EEX replacing GET Baltic will broaden the range of market participants and the new products will enhance liquidity, price transparency and predictability in all countries,” Karolis Janusevicius, a member of NERC, said in a statement.

Amber Grid, Lithuania’s gas transmission system operator, sold a 66 percent stake in its subsidiary GET Baltic to the EEX exchange for 6.5 million euros (7.64 million U.S. dollars) in 2023.

Until now, gas in the Baltic states and Finland has been traded via GET Baltic, with 66 percent owned by EEX and the remaining 34 percent held by Amber Grid. (1 euro = 1.18 U.S. dollar)