In the first months of 2022, liquefied natural gas (LNG) has become the most important source of gas supply to the EU, with 34% of total extra-EU gas imports arriving in this form, according to new quarterly reports on the European gas and electricity markets published by the European Commission on Friday 8 July.
According to Commission data, net EU gas imports increased by 10% in the first quarter of 2022, while LNG imports increased by 72% compared to the same period a year earlier.
EU gas stocks had an average fill rate of 26% on 31 March 2022, some four percentage points lower than at the same time last year. This lower use of stocks is explained in particular by a relatively mild winter season and production cuts in gas-intensive industries.
On the expenditure side, the EU spent about €78 billion on gas imports in the first months of 2022, of which €27 billion on imports from Russia.
The reports also highlight the volatility of gas prices, with the TTF spot price reaching €212/MWh on 7 March, as well as electricity prices.
These peaked at historic levels in the first quarter of 2022, with the European benchmark averaging €201/MWh during this period, 281% higher than in the first quarter of 2021.
The highest increases in wholesale electricity prices in EU countries were recorded in Spain and Portugal (+411%), Greece (343%) and France (+336%). Italy, on the other hand, reported the highest average quarterly price (€249/MWh), 318% higher than in the same period in 2021.
See the reports: https://aeur.eu/f/2l1 ; https://aeur.eu/f/2l0 (Original version in French by Damien Genicot)