German Jan-July gas import bill shrinks 37.4 per cent as imports fall 6.4 per cent

German Jan-July gas import bill shrinks 37.4 per cent as imports fall 6.4 per cent

German January-July imports were 3,007,700 Terajoules (TJ), or 85.5 billion cubic metres (bcm), compared with 3,214,440 TJ a year earlier, said trade statistics office BAFA. July imports alone totalled 311,779 TJ

FRANKFURT: Germany imported 6.4 per cent less natural gas in the first seven months of 2020 after imports in July alone dropped by 32.8 per cent year-on-year while lower prices reduced the Jan-July import bill by well over a third, official data showed.

Gas, power and carbon traders monitor gas imports because the supply and demand balance can change prices and traded volumes in all three markets.

Gas statistics also correlate with coal, which competes with gas in the production of electricity, and with carbon emissions permits.

German January-July imports were 3,007,700 Terajoules (TJ), or 85.5 billion cubic metres (bcm), compared with 3,214,440 TJ a year earlier, said trade statistics office BAFA. July imports alone totalled 311,779 TJ.

Imports in the year to May were 8.7 per cent above the same period a year ago, but then a slump in demand because of the coronavirus crisis and global oversupply weighed on the market.

Importers’ bills for the seven months fell to 9.7 billion euros ($11.40 billion), 37.4 per cent less than a year earlier.

Average prices paid on the border in July were 2,617.86 euros per TJ, equivalent to 0.94 euro cents per kilowatt hour (kWh), and down 27.9 per cent from the same month in 2019.

Average border prices across the January-July period were down 32.8 year-on-year at 3,234.37 euros/TJ.

Germany mainly imports gas from Russia, Norway, the Netherlands, Britain and Denmark via pipelines.

https://energy.economictimes.indiatimes.com/news/oil-and-gas/german-jan-july-gas-import-bill-shrinks-37-4-per-cent-as-imports-fall-6-4-per-cent/78492750

Share Button

Sharing is caring!

Leave a Reply