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EU energy markets show resilience in Q3 2024
(MENAFN) The European Commission reported that the EU’s gas and electricity markets maintained their resilience in the third quarter of 2024, ensuring secure energy supplies amid fluctuating conditions.
This stability was credited to measures enhancing market flexibility, better integration among EU member states, and the growing adoption of renewable energy sources.
The report highlighted mixed demand trends: electricity demand experienced moderate growth, while gas demand continued to decline.
Wholesale gas prices rose slightly in early Q3 but resumed their decline in September. Retail gas prices, though lower year-on-year, edged up compared to the previous quarter. Meanwhile, the widening price gap between European gas hubs and Asian markets attracted more LNG shipments to Asia, reducing EU LNG imports and increasing the share of pipeline gas, with nearly half sourced from Norway.
Electricity prices continued to fall on both wholesale and retail levels compared to 2023. The European electricity benchmark averaged €78/MWh in Q3 2024, marking an 8 percent year-on-year decrease.
These trends underline the EU's progress in navigating energy challenges while maintaining supply security.
This stability was credited to measures enhancing market flexibility, better integration among EU member states, and the growing adoption of renewable energy sources.
The report highlighted mixed demand trends: electricity demand experienced moderate growth, while gas demand continued to decline.
Wholesale gas prices rose slightly in early Q3 but resumed their decline in September. Retail gas prices, though lower year-on-year, edged up compared to the previous quarter. Meanwhile, the widening price gap between European gas hubs and Asian markets attracted more LNG shipments to Asia, reducing EU LNG imports and increasing the share of pipeline gas, with nearly half sourced from Norway.
Electricity prices continued to fall on both wholesale and retail levels compared to 2023. The European electricity benchmark averaged €78/MWh in Q3 2024, marking an 8 percent year-on-year decrease.
These trends underline the EU's progress in navigating energy challenges while maintaining supply security.
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