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EU Energy Production 3Q 2022

At the beginning of this year, Eurostat published updated data on the production and consumption of energy products in Europe in the third quarter of 2022. The restructuring of energy pathways in relation to the sanctions imposed on Russia inevitably affected the statistical indicators. In some cases, this was associated with the necessity to increase the reserves of energy resources before the upcoming winter period, as well as with an increased emphasis on the reduction in energy consumption. At the same time, these processes took place against the backdrop of an extreme rise in prices for energy products and, above all, for natural gas. The table below shows the annual data from the Eurostat reports and database converted to quarterly figures (Q).

Compared to the previous quarter, the most dynamic changes in 3Q 2022 occurred in the consumption and import of natural gas. Thus, gas consumption decreased by 7.2%, and imports by almost 15%.

EU energy statistics, natural gas, oil and electricity, 3Q 2021- 3Q 2022

Energy Indicator/Q3Q 20214Q 20211Q 20222Q 20223Q 2022
Production of natural gas, TJ406939.0419604.4444438.7397513.5383996.3
Total consumption of natural gas, TJ2464734.94679276.15034683.62733571.62287484.8
Imports of natural gas, TJ5818136.76096113.46170184.26299539.45353804.6
Imports of crude oil - 1000t114971.0118151.8114131.5121562.7123127.2
Production of electricity - GWh639088.2719626.7733229.5625988.5622859.3
Consumption of electricity - GWh603101.0665458.1677939.2592747.9588059.4
Imports of electricity - GWh100065.9105360.7107236.7101259.8103335.9

Source: Based on Eurostat

At the same time, imports from Russia decreased from about 200 mcm to 100 mcm due to a reduction in pipeline supplies. In the next two months, this process stabilized. On the other hand, LNG imports increased significantly in 3Q 2022 (89% growth, compared to 3Q 2021), given that in the previous quarter the growth already was 49%. The top three LNG exporters to the EU countries were US, Qatar and Russia. Despite the reduction in imports and consumption of natural gas, an intensive growth in the rate of filling of gas storage facilities continued. At the end of the third quarter, the average filling level in the EU reached almost 90%, while by the end of November 2022 it exceeded 95%.

In 3Q 2022, there was an increase in crude oil imports, and its volume was the highest in the last four quarters.

Monthly EU natural gas production and consumption, gas and oil import

Source: Based on Eurostat

With regard to the production and consumption of electric power, here the EU indicators are similar to those for gas, but in smaller proportions. For example, electric power production in 3Q 2022 decreased by 0.5% compared to 2Q 2022 and by 2.5% compared to 3Q 2021. Also, in September 2022, electric power production and consumption continued to decline noticeably, which was not the case in the same quarters of 2021 and 2020. The drop in consumption was most pronounced in Greece (13%), Slovakia (12%), Romania and Lithuania (9% both).

Monthly EU electricity production and consumption

Source: Based on Eurostat

3Q 2022 compared to 3Q 2021 can be characterized by a serious drop in nuclear and hydro power plants generation. In the first case, there was essentially a collapse by 41%, while in the second, the fall was 17%.

Below are comparative charts showing percentages for the three main types of power generation – fossil fuel-based, nuclear power plants, and renewable sources. As can be seen from the figures, the decline in generation by nuclear power plants was largely offset by fossil fuels and partly by renewable sources.

Percentage of electric power generation by source type in 3Q 2021 and 3Q 2022

Source: Based on Eurostat

The main increase in generation in the renewable sources sector was provided by solar PV stations and onshore wind energy.