By Harry Floudopoulos
The arrival of liquefied natural gas (LNG) cargo from the United States creates new data for Europe’s energy markets.
Yesterday, the price of natural gas recorded a new decline of 12% to 84.9 euros / MWh as LNG cargoes originally destined for Asia arrived on the market.
Combined with the mild weather conditions, the inflows of LNG loads helped decisively help fuel prices, which before Christmas reached a new record of 180 euros / MWh, to decline again.
The decrease in gas prices also leaves a positive imprint on electricity prices, which in several countries fell below 100 euros / MWh for today, culminating in Belgium and Germany where prices reached 9.6. and 12.1 euros / MWh respectively.
A total of 9 EU countries Electricity prices fell below 100 euros / MWh, while in Greece the wholesale price of electricity recorded a decline of 27.7% to 117.23 euros / MWh. Overall in December, however, the average wholesale price of electricity for our country is high at 235.38 euros / MWh.
Despite the temporary decline in prices, which is helped by conjunctural factors such as low demand due to the holidays and high production of renewables, however, the concern that we will again have pressure on the energy price front has not disappeared.
It is worth noting that today Germany is closing three of its last six nuclear power plants in operation, as the plan to switch to green energy is under way. In addition, next month, a large number of nuclear power plants in France are scheduled to close for scheduled maintenance, which is estimated to lead to a narrow electricity market.
In any case, the effects of the energy crisis continue to be visible. In fact, the day before yesterday, the American industry Alcoa announced that it will stop the production of primary aluminum at the San Ciprian plant in Spain, for a period of two years due to the high energy costs. For the same reason yesterday Norsk Hydro announced its plans to reduce production capacity to 60% of its plant in Slovakia.
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Source From: Capital
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