BAKU, Azerbaijan, March 29. Europe's second quarter begins with an average gas price of $302 per 1,000 cubic meters, roughly 40 percent down year on year, with British experts anticipating additional declines in 2024, Trend reports.
Morten Frisch, a renowned British gas specialist, attributed the decline in European gas prices to a mild winter and increased wind energy output, as well as an increase in gas supply from the Norwegian continental shelf.
"Norway now supplies 340-350 million cubic meters of gas per day, with ambitions to boost further. As a result, expect further lower gas prices beginning in the third quarter of 2024, coinciding with the start of the next EU gas year (October 1 to September 30 of the following year). These developments are likely to lessen EU electricity prices and assist in decreasing inflation in the eurozone," Frisch said.
Furthermore, in March, the London-based LSEG exchange revealed
that Norway will reach monthly peaks of over 11-12 billion cubic
meters of gas in 2024, potentially supplying the EU with over 140
billion cubic meters in the same year, accounting for 12.7 percent
of Europe's total gas storage capacity.
Currently, EU gas storage availability is around 59 percent, up
from 55 percent at the end of March 2023, setting a five-year
record.
Norway is currently the leading pipeline gas supplier in
Europe.