• 23/07/2024 14:54

Gas prices in Europe have more than halved since the beginning of the year

Ціна на газ у Європі впала більш як удвічі від початку року

The cost of gas in Europe has decreased from 79 to 31.99 euros per megawatt-hour since the beginning of 2023.

Ukrinform reports this with reference to ARA.

“The price of natural gas in Europe fell to its lowest level in three months shortly before the end of the year. The benchmark TTF futures contract for delivery in a month was priced at 31.99 euros per megawatt hour (MWh) on the Amsterdam exchange on Friday. European natural gas has not been this cheap since September,” the report said.

It is noted that during the year the price of gas also decreased significantly.

“At the beginning of 2023, a megawatt-hour still cost 79 euros. The outbreak of war in the Middle East caused the price to temporarily rise above 50 euros again in early October. However, then the trend changed, and since that time the price has been decreasing,” the material says.

The current price level for natural gas in Europe is also significantly lower than the highs reached after the start of the full-scale Russian invasion of Ukraine.

“During 2022, prices at times exceeded 300 euros per megawatt hour as Russia sharply reduced gas supplies to Europe. First, it was necessary to find a replacement, in particular, in the form of supplies of liquefied natural gas by sea,” the publication recalls.

In addition, natural gas storage facilities in Europe are now well filled. According to the latest data from the European gas storage association GIE, in Austria the overall filling level was recently around 92.5%, in Germany – 90.8%. Storage facilities in Portugal, Sweden and Poland are also almost full.

As Ukrinform reported, the management of NJSC Naftogaz of Ukraine stated that during the heating season the price of gas for the population from the gas supply company Naftogaz of Ukraine will remain unchanged and amount to UAH 7.96 per cubic meter (including VAT).


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