EU gas and electricity markets in the first quarter of 2024 returned to a much more stable and predictable situation relative to the same period in 2023, with the acceleration of a number of positive structural changes, according to the new Quarterly Reports for both markets published today.
The gas market report highlights that EU gas market fundamentals remained robust in the period from January-March due to persistently high gas storage levels, stable pipeline gas and LNG supplies, and a significant decrease in wholesale and retail gas prices. This was combined with gas consumption stabilising at low levels in line with EU energy saving commitments and higher renewables’ shares. Imports declined by 5% quarter-on-quarter and remained stable year-on-year (with a small decline of 1%). The share of pipeline imports remained stable at 59%, complemented by 41% LNG imports. Norway increased its share in EU pipeline supply to 54%, from 50% in the previous quarter, while the United States kept its 50% share in EU’s LNG imports. The EU remained the largest LNG importer in the world, ahead of China and Japan.
The electricity market report emphasises that the first quarter of 2024 saw European electricity markets continuing to register a decline, increasing shares of renewables, in particular generation growth in solar, offshore and onshore wind power and hydropower generation. The number of hours with negative wholesale prices in the first quarter of 2024 was higher than in the same quarter of 2023. Electricity consumption has not fully recovered yet, compared with pre-crisis levels.
New electric vehicle registration in the reference quarter continued its rapid growth. The report confirms that more than 537 000 new electric vehicles were sold in the EU during Q1 2024, a yearly increase of 5%. Demand for electrical vehicles in the first quarter of 2024 translated into 20% of the market share.
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Details
- Publication date
- 31 July 2024
- Author
- Directorate-General for Energy