At the beginning of 2023, the megawatt-hour was still trading at 79 euros. Experts pointed to the comparatively high supply after several countries replaced Russian deliveries with increased imports of liquefied natural gas from other countries.
The price of natural gas in Europe fell significantly on Monday, falling below the 30 euro mark per megawatt hour (MWh) for the first time in almost five months. In the afternoon, the historical TTF of the futures contract for delivery within a month on the Amsterdam stock exchange fell by around eight percent to 29.29 euros.
Experts pointed to the comparatively high supply after several countries replaced Russian deliveries in recent months with increased imports of liquefied natural gas from other countries. This was also possible thanks to the construction of terminals on the German coast.
The war in the Middle East caused prices to rise briefly
At the beginning of 2023, the megawatt-hour was still trading at 79 euros. The start of the war in the Middle East caused the price to temporarily rise above 50 euros at the beginning of October, but then a trend reversal began.
The current level is well below the highs reached during the Russian war against Ukraine. Throughout 2022, more than 300 euros were sometimes owed after Russia severely cut off its gas supplies to Europe.
Storage facilities in Germany are currently full. The global level has been falling steadily since the beginning of the year. It was 83.80 percent on Saturday, according to the latest data from the European Gas Storage Association. This means that the filling level for the cold season is comparatively high. (APA/dpa)