Growth in European demand for electricity and decline for gas during the third quarter
Brussels, December 20 / WAM / The European Commission in Brussels confirmed that the gas and electricity markets in the European Union demonstrated in the third quarter of 2024 their strength in ensuring security of supply, benefiting from some measures taken in terms of flexibility and improving integration between European Union countries. He introduced renewable energy sources, pointing to reports that confirmed that the growth in demand for electricity remained moderate, while demand for gas continued to decline.
Wholesale gas prices witnessed a moderate increase in the first part of the third quarter, while they resumed their decline in September. Retail prices remained on a downward trend year-on-year, but began a slow rise compared to the previous quarter. The price gap between European gas centers and Asian markets widened, attracting more gas prices. of LNG shipments towards Asia, led to a decline in LNG imports and an increase in the share of pipeline gas in Europe’s gas import mix in the aforementioned quarter, almost half of which came from Norway.
Wholesale and retail electricity prices continued to decline compared to the same period in 2023, and the average European energy standard reached 78 euros/MWh in the third quarter of 2024, a decrease of 8% year-on-year, while retail electricity prices for households in the European Union capitals decreased by 6% on an annual basis (€241/MWh).
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