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Trade Trends News
19-12-2024
Germany's utility industry association BDEW reported on Wednesday that by 2024, the country's annual natural gas usage will increase by 3.3%, reaching 835 billion kWh.
This data comes amid Germany's increasing reliance on importing natural gas through internal European pipelines (excluding Russia) and importing liquefied natural gas (LNG) from overseas. Russian natural gas imports have ceased due to the impact of the war in Ukraine.
Germany, the largest economy in Europe, saw a 1% decrease in natural gas imports compared to the previous year, with net import volume crossing the border and clearing customs at 771 billion kWh.
Germany has the largest natural gas underground storage capacity in the EU and can meet demand through inventory and domestic small gas fields.
BDEW data shows that most of the gas transported through pipelines comes from Norway, which accounts for 45.1% of the country's total consumption.
According to BDEW, about 9% of Germany's natural gas consumption comes from LNG and sub-cooled LNG landing terminals that were newly constructed during the energy crisis within Germany.
Germany also receives pipeline gas from many other sources through other European import destinations, and LNG via additional EU landing terminals, where it is re-gasified and delivered to the pan-European pipeline network.
The LNG share relies heavily on U.S. supplies, with 91% of total LNG coming from the U.S.
In addition, BDEW's preliminary electricity statistics indicate that total power generation in 2024 will be 488.5 billion kWh, a decrease of 2.4% compared to the previous year, with 58.1% coming from renewable energy sources.
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