Gasum Partners with Wasaline to Manage EU Allowances Portfolio

Gasum Partners with Wasaline to Manage EU Allowances Portfolio

(IN BRIEF) Gasum Portfolio Services has been chosen by shipping company Wasaline to manage its EU Allowances (EUA) portfolio, following the extension of the EU emissions trading system to include the maritime sector at the beginning of 2024. This partnership enables Wasaline to effectively predict and manage the costs associated with emissions allowances for its passenger ferry operating between Vaasa, Finland, and Umeå, Sweden. Gasum, known for supplying liquefied natural gas (LNG) and biogas to Wasaline since 2021, extends its services to assist in navigating the complexities of emissions trading, providing crucial support as shipping companies adjust to regulatory changes and strive for cost-effectiveness amidst a volatile market.

(PRESS RELEASE) ESPOO, 12-Feb-2024 — /EuropaWire/ — Gasum Portfolio Services will manage shipping company Wasaline’s EU Allowances (EUA) portfolio. The EU emissions trading system has included the maritime sector since the beginning of this year. Outsourcing their emissions trading and EUA portfolio allows shipping companies to both manage and predict their costs.

Wasaline has chosen Gasum Portfolio Services as their partner in EU Allowances (EUA) portfolio management. Managing and trading emissions allowances is topical for shipping companies as the EU Emissions Trading System (EU ETS) was extended to include the maritime sector at the beginning of 2024.

The partnership allows Wasaline to better predict and manage the costs of its emissions allowances.

“We are very happy to offer our expertise in the emissions trading market to our long-time customer Wasaline. Gasum Portfolio Services has been operating on the emissions trading market since it was first established. Wasaline is our first maritime customer but, as the whole sector faces a new situation on a volatile market, the demand for our services is on the rise,” says Pekka Montola, Sales Manager at Gasum Maritime.

Gasum has been supplying Wasaline with liquefied natural gas (LNG) and biogas (LBG) since 2021 for its passenger ferry Aurora Botnia operating the route between Vaasa, Finland, and Umeå, Sweden. The emissions allowances will be purchased for the same operating route.

”We are happy to continue our good cooperation with Gasum, now also having them manage our ETS allowances. We have been working with Gasum already regarding the purchase of LNG and biogas and that partnership has been very smooth,” says Peter Ståhlberg, Managing Director of Wasaline.

EU ETS to be introduced gradually

Extending the EU ETS to include the maritime sector is part of implementing the EU’s Fit for 55 package. The ETS will be introduced in the maritime sector gradually.

In 2025, shipping companies will have to report and surrender allowances for 40 percent of their emissions in 2024. In 2026, the amount will increase to 70 percent of their emissions in 2025. From 2027, onwards they will need to report and surrender allowances for all of their emissions.

“Since the volume of emissions marine traffic generates can get quite high, this means that the costs of allowances are also significant. Gasum Portfolio Services allows our customers to predict and budget the costs of the allowances and to aim for the maximum cost-effectiveness,” Montola explains.

In 2024, the EU ETS will apply to cargo and passenger ships of 5000 gross tonnage or above. From 2027 onwards the ETS will be extended to offshore ships of the same gross tonnage.

The energy company Gasum is a Nordic gas sector and energy market expert. Gasum offers cleaner energy and energy market expert services for industry and for combined heat and power production as well as cleaner fuel solutions for road and maritime transport. The company helps its customers to reduce their own carbon footprint as well as that of their customers. Together with its partners, Gasum promotes development towards a carbon-neutral future on land and at sea. The Gasum Group has 380 employees in Finland, Norway, Sweden and Germany. The company’s revenue totaled €1,128 million in 2019. Gasum is owned by the State of Finland. www.gasum.com

Media Contacts:

Pekka Montola, Sales manager, Maritime, Gasum
Tel. +358 40 036 5167
E-mail: pekka.montola@gasum.com

Peter Ståhlberg, Managing Director, Wasaline
Tel. +358 40 559 2353
E-mail: peter.stahlberg@wasaline.com

SOURCE: Gasum Ltd