Ammon News - The European Commission in Brussels reported that during the third quarter of 2024, the EU's gas and electricity markets demonstrated their resilience in ensuring supply security.

This strength was attributed to measures enhancing flexibility, improving integration among EU member states, and the deployment of renewable energy sources.

According to the report, electricity demand saw moderate growth, while gas demand continued to decline.

Wholesale gas prices experienced a modest increase in the early part of Q3 before resuming their decline in September. Retail prices, while decreasing on a year-on-year basis, began to rise slightly compared to the previous quarter.

The price gap between European gas hubs and Asian markets widened, attracting more LNG shipments to Asia. This shift led to a reduction in LNG imports and an increased share of pipeline gas in the EU’s import mix during the quarter, with nearly half of these imports coming from Norway.

Wholesale and retail electricity prices continued to fall compared to the same period in 2023. The European electricity benchmark averaged €78/MWh in Q3 2024, reflecting an 8 percent year-on-year decrease.

Retail electricity prices for households in EU capitals also declined by 6 percent year-on-year, averaging €241/MWh.