Germany's Jan-Oct gas import bill down 20pc

16 Dec, 2014

FRANKFURT: Germany's natural gas import bill for the first 10 months of the year fell 20.1 percent from a year earlier on lower prices and volumes, data from trade statistics office BAFA showed on Tuesday.

The bill fell to 18.7 billion euros from 23.4 billion, BAFA said, as import volumes fell 5.4 percent to 2,872,565 terajoules.

One terajoule is equivalent to 278,000 kilowatt-hours.

Russia accounted for 39.2 percent of deliveries, Norway 33.0 percent and the Netherlands 23.3 percent. Smaller volumes came from Britain and Denmark.

Imports from Russia have not been affected by the Ukraine crisis as much of this gas bypasses Ukraine, coming via routes including the Nord Stream pipeline which crosses the Baltic Sea.

Many continental European gas prices under long-term supply contracts still track crude oil prices with a time lag of about six months, although spot market volumes are rising.

Copyright Reuters, 2014

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