The demand for gas for electricity in Europe may decrease due to the growth of atomic and solar energy production, as hot and cloudless weather is predicted.
Frontmonth futures at the TTF Netherlands on the morning of July 25 dropped below € 32 per Megavatt -Hour -for the first time since the end of April. This is proven by ICE data, Expro report.
The spin reached € 31,92/mwh, which is 1.3% below the previous day.
Reducing prices is explained by many factors:
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Technical trade in the market;
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Restoration of gas supplies from Norway after completing the troll field;
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The expected arrival of 18 LNG-tankers at European terminals within two weeks.
In addition, gas demand for power generation can be reduced due to atomic growth and solar energy. According to forecasts, in Europe, hot and cloudless weather will be established in the coming days.
Gas reserves in European PHG continue to grow. On July 23, they stored 70.6 billion cubic fuel meters – storage filled 66%. Some countries, especially the Netherlands, can up to 90% of filling even until November 1st.
At the same time, the EU agreed to create a schedule for this purpose more flexible – now allowed up to 90% from October 1 to December 1st.
Keep in mind that the European Union has been working on a proposal to inhibit Russian gas imports until the end of 2027. Meanwhile, Hungary blocked the approval of the EU’s new plan to renounce Russia’s oil and gas.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.