EU’s ACER publishes first NWE LNG spot price assessment

The EU Agency for the Cooperation of Energy Regulators (ACER) published its first LNG spot price assessment on Thursday for Northwest Europe.

According to ACER, its DES LNG spot NWE price assesment was at 56.77 euros per megawatt hour (MWh) on Thursday.

The agency did not publish its DES LNG spot South Europe (SE) assessment as “the LNG market data reported for the SE price assessment during the relevant rolling time window is not sufficient.”

According to ACER, there were in total seven transactions and eleven market participants.

The agency aimed to launch the assessment last Friday but it did not receive enough data from market participants to publish a price.

According to ACER, 60 registered LNG market participants can report to the agency.

“LNG market participants are reminded on their reporting obligation and encouraged to report their LNG market data via TERMINAL,” it said.

This price assessment is part of the EU’s plan to launch a new daily LNG benchmark by March 31.

Currently in EU, the standard benchmarks are related to the Dutch Title Transfer Facility, and market players use the TTF price for both pipeline gas and LNG.

The EU requires ACER to develop an alternative transaction-based LNG benchmark “based on verifiable price assessments for LNG cargo deliveries to EU, to ensure the new LNG benchmark is reflective of real-world prices for the fuel,” the agency said.

European LNG imports surged last year as European countries look to boost energy security and replace pipeline gas from Russia. Most of these volumes came from the US.

Due to high demand, European terminals such as the Dutch Gate LNG in Rotterdam, UK’s Grain LNG, and Greece’s Revithoussa terminal received record number of cargoes last year.

- Advertisements -

Most Popular

Golden Pass LNG to speed up pipeline construction

QatarEnergy and ExxonMobil are seeking approval from US energy regulators to increase the peak workforce to speed up the...

US FERC to decide on Venture Global’s CP2 LNG project

The US FERC is set to decide next week on Venture Global LNG's proposed CP2 LNG project in Louisiana. According...

Japan’s Chiyoda provides Golden Pass LNG update

Japan's engineer Chiyoda has released an update regarding the construction of the Golden Pass LNG export project in Texas,...

More News Like This

Atlantic LNG shipping rates rise to $75,000 per day, European prices drop

Atlantic spot liquefied natural gas (LNG) freight rates jumped this week, while European prices decreased compared to the previous...

LNG freight rates, European prices climb

Spot charter rates for the global liquefied natural gas (LNG) carrier fleet and European prices increased this week compared...

Cedigaz: global LNG imports increased 1.7 percent in January-May

Global LNG imports rose by 1.7 percent to 169.3 million tonnes in January-May 2024, up from 168 million tonnes...

Atlantic LNG shipping rates continue to climb, European prices drop

Atlantic spot liquefied natural gas (LNG) freight rates continued to increase this week, while European prices decreased compared to...