AGL 38.85 Increased By ▲ 0.37 (0.96%)
AIRLINK 198.46 Decreased By ▼ -4.56 (-2.25%)
BOP 10.00 Decreased By ▼ -0.17 (-1.67%)
CNERGY 6.43 Decreased By ▼ -0.11 (-1.68%)
DCL 9.37 Decreased By ▼ -0.21 (-2.19%)
DFML 39.50 Decreased By ▼ -0.52 (-1.3%)
DGKC 98.00 Decreased By ▼ -0.08 (-0.08%)
FCCL 35.52 Increased By ▲ 0.56 (1.6%)
FFBL 86.65 Increased By ▲ 0.22 (0.25%)
FFL 13.61 Decreased By ▼ -0.29 (-2.09%)
HUBC 130.08 Decreased By ▼ -1.49 (-1.13%)
HUMNL 13.85 Decreased By ▼ -0.17 (-1.21%)
KEL 5.27 Decreased By ▼ -0.34 (-6.06%)
KOSM 7.35 Increased By ▲ 0.08 (1.1%)
MLCF 45.31 Decreased By ▼ -0.28 (-0.61%)
NBP 61.58 Decreased By ▼ -4.80 (-7.23%)
OGDC 214.80 Decreased By ▼ -5.96 (-2.7%)
PAEL 39.31 Increased By ▲ 0.83 (2.16%)
PIBTL 8.54 Decreased By ▼ -0.37 (-4.15%)
PPL 192.96 Decreased By ▼ -4.92 (-2.49%)
PRL 40.75 Increased By ▲ 1.72 (4.41%)
PTC 25.68 Increased By ▲ 0.21 (0.82%)
SEARL 105.70 Increased By ▲ 2.65 (2.57%)
TELE 8.71 Decreased By ▼ -0.31 (-3.44%)
TOMCL 36.20 Decreased By ▼ -0.21 (-0.58%)
TPLP 14.01 Increased By ▲ 0.26 (1.89%)
TREET 25.00 Decreased By ▼ -0.12 (-0.48%)
TRG 56.36 Decreased By ▼ -1.68 (-2.89%)
UNITY 33.50 Decreased By ▼ -0.17 (-0.5%)
WTL 1.63 Decreased By ▼ -0.08 (-4.68%)
BR100 11,830 Decreased By -60.1 (-0.51%)
BR30 36,797 Decreased By -559.1 (-1.5%)
KSE100 109,912 Decreased By -1157.9 (-1.04%)
KSE30 34,569 Decreased By -340.4 (-0.98%)

FRANKFURT: German natural gas import costs rose by 160% in the first five months of 2022 from a year earlier, even though imports were down by 22.9%, official data showed on Wednesday.

Europe’s biggest economy mainly imports gas from Russia, Norway, the Netherlands, Britain and Denmark, but has turned more to liquefied natural gas (LNG) since the Ukraine crisis.

The May statistics from Germany’s foreign trade office are the third to reflect the impact of Russia’s invasion of Ukraine, which began on Feb. 24, and Western sanctions against what the Kremlin calls a “special military operation”.

Russia last week cut flows through Nord Stream 1, the major gas delivery route to Europe via Germany, to a fifth of its capacity, forcing importers and governments to scramble for substitutes before the heating season from October.

Gas, power and carbon traders monitor gas imports because the supply and demand balance affects prices and traded volumes in all three markets.

Gas data also correlates with coal, which competes in the production of electricity, while also giving clues about demand for mandatory European Union carbon emissions permits.

German foreign trade office BAFA’s monthly statistics, which are published with a two-month delay, showed January-May imports at 1,763,161 terajoules (TJ), or 50.1 billion cubic metres (bcm), compared with 2,287,260 TJ a year earlier.

As supply disruptions propelled gas prices to record highs, Germany’s import bill increased to 26.3 billion euros ($26.74 billion) in the five-month period, compared with 10.1 billion euros in the same period of 2021, BAFA data showed.

The average price paid on the border during January to May was up 236% year on year at 14,896.43 euros/TJ, BAFA said.

The May price of 15,072.8 euros was equivalent to 5.43 cents per kilowatt hour (kWh), nearly three times that of May 2021.

Comments

Comments are closed.