Increased solar power generation in Europe, accounting for 10.4% of electricity in June, is reducing wholesale electricity prices and utility profits while also decreasing the region's demand for U.S. natural gas.
has been Europe’s primary source of electricity, meaning natural gas prices have largely determined electricity producer prices. However, following Russia’s invasion of Ukraine, Europe's power utilities have accelerated the build-out of renewable energy, particularly solar, capacity while cutting back on electricity generation from fossil fuels. Indeed, Europe's utilities generated a record 10.
The much-awaited buying frenzy by the EU as it looks to fill its gas stores ahead of winter has yet to materialize. Europe imported 9.50 million metric tons in June, down from 12.11 million in May and the lowest monthly total since August 2022. Rocked by one of the worst energy crises in living memory, the European Union launched a gas buyers’ cartel in 2022 and started.
Meanwhile, U.S. gas inventories have also been ticking higher, with stocks for the week ended June 30, 2023, up 72 Bcf to 2,877 Bcf. Asia's imports of U.S. LNG climbed to 1.34 million metric tons in June, up from 1.21 million in May and the most since February. Indeed, China and Asia are now the U.S. biggest LNG customers, a position Europe held last year when it purchased as much as 65% of U.S. output.with China’s ENN Energy Holdings.
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