WEMO24-Compiled Report-Interactive compressed (002) 4154-7882-8116 v.1 - Flipbook - Page 287
Market Data
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Electricity and gas prices
Average natural gas spot price in the USA fell by 61% in 2023
• Following the all-time highs reached in 2022,
natural gas prices moderated signi昀椀cantly across
all key markets in 2023. The steep demand
declines recorded in Europe and mature Asian
markets provided downward pressure on gas
prices
FIGURE 12
Natural Gas Spot Prices, World | 2019-Aug 2024
All Figures in $/MMBtu (Average Spot Price)
• In Europe, average prices declined by almost 70
per cent compared with 2022 to an average of $13
/MMBtu in 2023. The steep demand reductions,
together with lower gas storage injection needs
and healthy LNG in昀氀ows, softened natural gas
prices despite the continued decline in Russian
piped gas deliveries to the European Union
40.34
33.30
18.60
16.12
13.21
13.46
13.00
12.37
2.56
2019
3.24
2.03
2020
2021
USA
2.53
3.89
Europe
1.98
2022
LNG, Asia
Source: World Bank, U.S. Energy Information Administration (EIA) and FRED Economic Data
2023
Aug-24
287
6.45
4.37
4.80
WEMO 2024
5.44
