Southern Corridor GRIP 2014–2023 |
53
0
250
200
150
50
100
300
bcm/y
2007
2010
2009
2008
2011
2012
USA production of Shale gas
Figure 4.12:
Production of shale gas in the USA
Source: USA Energy Information Administration
0
20
40
60
100
80
€
0
10
20
40
30
5
15
25
35
€/MWh
2009
01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06
01 02 03 04 05 06
07 08 09 10 11 12
2010
2011
2012
2013
Brent crude spot (€ /bb l)
Coal CIF ARA (€ /t)
NBP Spot (€ /MWh)
Figure 4.13:
Spot prices of Oil, Coal and Gas in the EU
Source: EU Quarterly Report on European Gas Markets, 2Q 2013
50
60
70
80
90
100
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
1990 = 100
Figure 4.14:
Evolution of coal imports to the EU-27 (1990 = 100)
Source: Eurostat,
Therefore this has not yet had a sensible impact on
gas prices but rather on demand since the availability
of lower priced coal has had in Europe the inverse ef-
fect of that in the USA, that is, a switch from natural
gas to coal for power generation. This is visible in Fig-
ures 4.13 and 4.14 that show the comparison of gas
and coal prices in the EU and a reverse of the trend,
established during the last years, for an important re-
duction in coal imports after almost a decade of rela-
tive stability. In fact these increased by approximately
10% from 2009 to 2012.
In addition to the above factors we have had, in the few
recent years, a series of price renegotiations between
GAZPROM and several of its European customers
which resulted (either through direct agreement or
through arbitration decision) to higher or lower reduc-
tions of the long-term contract prices. This contributed
to the lower use of the LNG terminals, as shown in
Figure 4.8 and as can also be seen in the next chapter
5 (paragraph 5.1.c), in the graphs showing the use of
the LNG terminals capacity.
