Commission publishes reports on EU electricity and gas markets during Q2 2022

Article summary

The European Commission has published the electricity and gas market reports for Q2 2022. In relation to gas, there was a 90% drop in Russian imports through the Belarus transit route, 12% decrease via Nord Stream, 51% via Ukraine and 14% via TurkStream year-on-year. Between January and August 2022, the EU imports of Russian pipeline gas fell by 43 billion cubic metres, while pipeline imports from other places rose by 17 billion cubic metres. EU gas consumption in Q2 2022 fell by 16% as compared to Q2 2021 and the EU spent approximately €75bn on gas imports in the period. Regarding electricity, the European Power Benchmark averaged €191 per megawatt-hour in Q2 2022, which was 181% higher than Q2 2021. The share of renewables in the electricity mix rose to 43%, with fossil fuels making up 36% of the mix. Renewable generation also improved its output by 2% compared to Q2 2021. Retail electricity...