As much as the final days of the Russia-Ukraine pure fuel transit deal, the European Union remained reliant on Russia for a couple of fifth of its fuel imports, based mostly on an official report.
Russia accounted for 19 p.c or 13.4 billion cubic meters (473.22 billion cubic ft) of EU fuel imports within the fourth quarter (This autumn), based on the European Fee’s quarterly fuel market report. Russia’s share of fuel imported into the 27-member bloc rose one proportion level from the prior three-month interval and two proportion factors in opposition to This autumn 2023.
When it comes to quantity, EU imports of Russian fuel elevated 5 p.c quarter-on-quarter and eight p.c year-over-year.
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The EU imported 70 Bcm within the October-December 2024 quarter, up 9 p.c quarter-on-quarter however down 6 p.c year-on-year. Pipeline fuel constituted 62 p.c and liquefied pure fuel (LNG) 38 p.c.
Russia was the EU’S second-biggest supply of pipeline fuel in This autumn 2024 accounting for 19 p.c, the identical as North Africa. Norway remained the EU’s prime pipeline fuel provider accounting for 50 p.c. Azerbaijan contributed 7 p.c.
“Within the fourth quarter of 2024, the 2 principal remaining transit routes for Russian pipeline fuel exports via Ukraine and Turkey transported 38 p.c and 54 p.c of the Russian fuel volumes, respectively”, the report mentioned.
For LNG, Russia was additionally second at 19 p.c. America stayed #1 at 43 p.c. Qatar got here third at 13 p.c.
“On the importers aspect, the EU stored its primary place with 20 p.c because the world’s largest LNG purchaser, a place it acquired in 2022, when the EU changed the majority of its Russian pipeline imports with LNG”, the report mentioned.
The EU consumed 103 Bcm of fuel in This autumn 2024, up 8 p.c year-on-year and 85 p.c quarter-on-quarter, “reflecting the standard increased winter demand and in keeping with long-term seasonal cyclicality”, the report mentioned.
In the meantime the EU produced 8.3 Bcm of fuel in This autumn 2024, up 7 p.c quarter-on-quarter and one p.c year-on-year.
EU underground storage services had a mean filling price of 88 p.c in This autumn 2024.
European wholesale fuel costs averaged EUR 43 ($46.37) per megawatt hour (mWh) in This autumn 2024, up 21 p.c quarter-on-quarter however unchanged year-on-year.
In the meantime the quarterly common retail worth climbed 2 p.c quarter-on-quarter and 6 p.c year-on-year to EUR 106 per mWh.
“The power element constituted 53 p.c of the worth, whereas community prices amounted to 22 p.c, power taxes 10 p.c and worth added tax (VAT) 16 p.c, as EU common”, the report mentioned.
“Retail costs continued to diverge throughout the EU and ranged between 25 EUR/MWh (Hungary) and 172 EUR/MWh (the Netherlands) amongst these Member States, the place pure fuel is a vital a part of the power combine for residential clients. The best worth (324 EUR/MWh) was registered in Sweden, the place fuel use at retail stage is marginal”.
To contact the writer, e mail jov.onsat@rigzone.com
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