Gas and electricity market reports
Energy prices have a significant impact on household expenditures, industrial costs and business competitiveness. In a liberalised market, monitoring market prices has become increasingly important for analysts, policymakers and businesses alike.
The EU quarterly gas and electricity market reports analyse market data in detail to examine trends and challenges. The reports explore the main factors behind price and volume variations and the interaction between market actors.
Every 2 years, a report on energy prices and costs in Europe is published, taking stock of the recent trends for gas, electricity and oil prices, as well as other energy costs.
Gas market - recent developments
The gas market report for the fourth quarter of 2024 depicts the stabilisation of the structural changes that transformed the EU gas market post 2022, when it severed its dependence on Russian pipeline gas.
In the 2024 October-December period, the decline in EU gas consumption halted and there was an 8% quarterly increase year-on-year (103 bcm), the first such increase since the second quarter of 2021.
Total gas imports were 70 bcm, an increase of 9%. EU domestic gas production also increased by 7% quarter-on-quarter and by 1% year-on-year. Pipeline gas imports were 43 bcm, up 2% and LNG imports were 26 bcm, up 24%. Higher imports in part reflected the seasonally higher demand during the winter months, and in part represented a rebound after a continuous steep drop in gas imports during the previous quarters.
Year-on-year, gas imports declined by 6%. Within the overall imports, LNG imports declined more, by 13%, while pipeline imports remained relatively stable (-1%). The share of LNG was 38% in Q4 2024. Gas prices in the quarter continued the rising trend they started in the previous quarter. Wholesale gas price rose by 21% quarter-on-quarter but was unchanged year-on-year. The gas retail price increased by 2% quarter-on-quarter but decreased by 3% year-on-year.
In an annual perspective, most indicators were showing a contracting trend except for the EU’s total gas consumption that stopped falling and was practically unchanged in 2024 compared to 2023 (+2 bcm, 332 bcm). Compared to 2023, domestic gas production dropped by 15%, total gas imports declined by 6%, LNG imports were 16% down and pipeline imports contracted by 2%. Compared to 2022, the contraction in production (-32%), total gas imports (-18%), LNG imports (-14%), pipeline imports (-21%) were even more pronounced in many indicators. On the upside, average wholesale prices (35€/MWh) also declined by 16% compared to 2023 and by 26% compared to 2022. The average retail price (104€/MWh) was 8% lower compared to 2023, but still 81% higher than in 2021, the last year before the Russian invasion of Ukraine.
Norway remained the EU’s biggest pipeline gas supplier with a 50% share, while the U.S. kept its number one position as the EU’s most important LNG supplier with a 45% share in 2024. Globally, the EU remained the largest LNG importer by a 20% share, followed by China (19%) and Japan (16%).
EU quarterly gas market reports
The older reports (2008-2022) are available in a dedicated CIRCA BC
Electricity market - recent developments
The electricity market report for the fourth quarter of 2024 confirms the continued advancement in renewable power generation keeping record shares (47%) in the power mix, considerable expansion in particular in solar power capacities, the further decline in the shares of fossil-based electricity production and a continuing year-on-year decrease of electricity prices in wholesale and retail markets, while demand growth remained moderate.
In April 2024, the share of the electricity generated through Renewable Energy Sources (RES) reached a historical high-record level of 54%, supported mainly by a growth in solar generation and hydro-generation. Solar generation hit a new high in 2024 rising by 19% (+38 TWh), while hydropower plants improved their output by 13% (+43 TWh). Additional installed capacities (+59 GW) supported higher levels of renewables generation in 2024.
This is in contrast with yearly fossil generation, which dropped by 10% in 2024. In total, coal-fired generation fell by 27% (-54 TWh), whereas less CO2-intensive gas generation dropped by 25% (-30 TWh).
Wholesale and retail electricity prices continued to be lower than at the same stage in 2023. The European Power Benchmark averaged 74 €/MWh in 2024, 22% lower year-on-year, while retail electricity prices for households in EU capital cities were down by 7% year-on-year (242 €/MWh).
EU quarterly electricity market reports
The older reports (2008-2022) are available in a dedicated CIRCA BC.
Energy data centre
Consistent and accurate data is very important for a reliable analysis that can be used to develop energy policies or investment planning.
For data and analysis, the Directorate-General for Energy relies on the Market Observatory for Energy, which maintains and operates the Energy market observation system (EMOS), a database of information collected from a wide range of private and public entities.