Gas becoming more expensive in Europe - EC
According to the European Commission, the jump in LNG (liquefied natural gas ) prices on Asian markets and low stock levels in Europe after the winter are the main factors behind the increase in gas prices in Europe.
In its quarterly gas market report, the Commission also points to higher demand and a decline in its own production. Spot prices on European hubs (gas trading hubs) in the first quarter of this year were on average 25-30% higher than a quarter earlier. On an annual basis, however, they were 70-100% higher than at the beginning of 2020.
On average, EUR 18-20 per MWh (megawatt-hour) were paid at the spot. On an annual basis, prices for households increased by an average of 9% in Q1. LNG imports to the EU amounted to 17 billion cubic metres, with the United States being the largest supplier.
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