In 2023, the EU’s gas and electricity markets improved considerably thanks to the diversification of supplies, the integration of more renewable energies and prices that are once again more stable and affordable, said the European Commission, following the publication on Thursday 6 June of its reports on the gas and electricity markets for the fourth quarter of 2023.
Thus, for 2023, gas consumption fell by 7% compared with 2022 and by 20% compared with 2021. Russian gas imports have fallen sharply to 43 billion cubic metres (bcm), compared with 79 bcm in 2022 and 150 bcm in 2021.
LNG imports increased, particularly from the United States, while gas storage levels reached record levels.
Despite a seasonal increase in gas consumption in the fourth quarter, annual gas production fell and wholesale gas prices fell by 67% compared with 2022.
The average price for the quarter was €41/MWh, up 24% on the previous quarter, but down 57% on the previous year.
To see the gas report: https://aeur.eu/f/ckd
Electricity market fundamentals have also improved, with wholesale prices falling by 57% compared with 2022, setting the European electricity benchmark at an average of €95/MWh in 2023.
Overall electricity consumption in the EU has fell by 3%, while renewable energies rose, with solar and wind production recording a 15% increase in production in 2023 (+87 TWh).
Fossil fuel production fell by 24%, coal by 28% (-118 TWh) and gas by 20% (-88 TWh). Nuclear generation, meanwhile, increased by 2% in 2023 (+9 TWh).
The report also points out that sales of electric vehicles in the EU increased by 16%, reaching 2.3 million units in 2023, with almost 643,000 new vehicles sold in the fourth quarter, representing a market share of 25%.
To see the electricity report: https://aeur.eu/f/cke (Original version in French by Pauline Denys)