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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.