European gas and electricity prices continue to fall – SME.sk

AMSTERDAM / BERLIN. European gas and electricity prices continued to fall at the beginning of the new week. The reason was the promise to increase the supply of liquefied natural gas (LNG) to Europe.

The gas price reached a new record high of over 180 euros per megawatt-hour (MWh) on Tuesday. The reason was a significant reduction in Russian gas supplies. On Monday, the price of gas has already halved compared to this record and will probably record the longest decline in two months. LNG supplies are going to Europe, which should ease the tense situation on the energy market. The energy crisis in recent weeks has forced some European heavy industry companies to cut back on production.

The reference European gas contract for delivery next month on the Amsterdam Stock Exchange fell by as much as 19% to € 90 per MWh on Monday, at least since 6 December. Gas prices are also pushing down electricity prices. The German electricity supply contract lost 36% in January and its price fell to 220 euros per MWh, and the price of French electricity supply fell by 22% next month.

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The price of the next day’s electricity supply contract in France fell to its lowest level in almost two months. The reference European contract, ie next year’s contract on the European Energy Exchange (EEX), weakened by as much as 21%, which was the sharpest daily drop since April 2017.

An increased number of LNG tankers are heading to Western European ports. Europe is becoming attractive to LNG suppliers as prices in the region are high and Asia’s largest customers have decided to use their stocks instead of others during the winter. purchases.