Thursday, July 23, 2020

EU bulletin on energy for Q1 2020

The press service of the European Union has issued its assessment  of prices and consumption of different energy sources. Concerning gas it ascertains:

"The gas report also illustrates a volatile quarter. Energy prices, including natural gas, underwent a steep fall, and the EU gas import bill fell below €10 billion, which was the lowest quarterly total in the last six years.

Gas prices in the EU were impacted by increasing LNG imports and intensive storage withdrawals, ensuring abundant supply on the market, whereas demand for gas was limited by mild weather, resulting in less heating needs, and decreasing need for gas in the electricity sector, owing to high shares of renewables in power generation in Q1 2020.

Russia remained the most important pipeline gas supplier for the EU in Q1 2020, however, its share fell to 40% in the total EU imports, and the gas transit volumes through Ukraine fell by 49% year-on-year, as Gazprom preferred to sell gas from EU storages rather than shipping through Ukraine.

LNG shipments accounted for a new record (28%) of EU gas imports.

At the end of March, gas storage levels in the EU stood at 54% - the highest seasonal figure for nine years.

Retail gas prices for industrial customers with median annual consumption were down by 10%, and for big consumers price decreases were even more marked (17%-20%) in Q1 2020 year-on-year. "

You can read the rest of the piece via the below link:

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