ExPro Gas&Oil and ExPro Electricity have collected the most important figures regarding the operation of the natural gas and electricity market for the first half of 2024. The material collects up-to-date data on foreign trade in electricity market, production and consumption, natural gas production, transit, trade results and much more.
More detailed market reviews are published monthly in the analytical publications ExPro Gas&Oil Monthly and ExPro Electricity Monthly, which are available by subscription.
NATURAL GAS MARKET IN UKRAINE
Natural gas production
In H1 2024, the gross production of natural gas in Ukraine increased by 2.3%, compared to the same period of the previous year, to 9.389 bcm.
The share of Ukrgazvydobuvannya in the structure of total production increased from 73% to 77%, and the share of private companies fell from 21% to 16.6%.
In H1 2024, Ukrgazvydobuvannya JSC and Ukrnafta PJSC increased production by 8% and 8.9%, respectively, and private companies - reduced by a total of 19.3%.
Consumption
In H1 2024, natural gas consumption decreased by 1.1%, compared to the first half of 2023 - to 11.5 bcm. The largest share is occupied by households - 35%.
Market price
According to Natural Gas ExPro quotations, the average price of natural gas in Ukraine in June 2024 was 15,254 UAH/tcm (including VAT), which is 17.8% more than in June 2023.
In general, in April-June 2024, the market price for natural gas exceeded a similar indicator for the previous year, while the price of gas in January-March this year was lower than last year's indicators by 27-41%.
Transit of Russian gas
In H1 2024, the transit of Russian gas totaled 7.68 bcm, which is 11.1% more than the figure for the same period in 2023. The largest volume of transit for the current year was in May - 1.32 bcm, the smallest - in February, 1.22 bcm.
Foreign trade
The import of natural gas in H1 2024 amounted to 170 mcm, of which more than 98% came from Hungary. The most was imported in March of this year - 53.6 mcm, the least - in January, 3.8 mcm.
The export of natural gas from the customs warehouse of Ukrainian gas storages for the specified period amounted to 983 mcm, of which 46.3% - to Slovakia, and 30% - to Moldova.
ELECTRICITY MARKET IN UKRAINE
Production and consumption
Electricity production in H1 2024, according to ExPro estimates, decreased to 52 million MWh, which is 1.1% less than in the same period of the previous year.
Electricity production at TPPs and HPPs decreased the most, which is a consequence of Russia's strikes on the energy infrastructure in March 2024.
Electricity consumption for January-June 2024 increased by 3% compared to the same period in 2023.
Renewables
In June 2024, the share of RES in the structure of electricity production reached a record 18%, while this indicator was 15.1% in June 2023.
In general, the share of RES in H1 2024 reached 9.8%, which is 1.2 pp. more than the indicator of the previous year. Production of electricity from renewable energy sources increased by 12% this year.
Market price
The base load index on the day-ahead market in the IPS of Ukraine in June 2024 reached UAH 4,981/MWh, which is 72% more than the June 2023 index. The weighted average price for DAM in June 2024 reached a record value for the year, at UAH 5,403/MWh.
Prices on the Ukrainian spot market are approaching the level of indicators of neighboring European countries. However, at some hours, in particular during the "evening peak", prices in the EU can be significantly higher than in Ukraine. In our market, such a sharp growth is limited by the established price caps.
Foreign trade
In H1 2024, Ukraine increased electricity import almost 6 times, compared to H1 2023 - to 1.9 million MWh. This year, Hungary took 40% of the import structure, Slovakia - 21%, Romania - 19%, Poland and Moldova - the rest. Most of the electricity imported from Moldova is reimported from Romania.
According to ExPro Electricity Monthly, D.Trading, Energy Company of Ukraine, Euromin Energy, DE Trading, Dniprostal-Energo were included in the TOP-5 electricity importers for the first half of 2024. In general, more than 50 companies made imports.
According to ExPro estimates, Ukraine imported electricity worth 212 million euros in the first half of 2024. The value of June imports exceeded 100 million euros.
Export of electricity in the first half of 2024 amounted to 238,000 MWh, of which almost 65% was supplied in March, during the period of the largest surplus in the power system due to a seasonal reduction in consumption and an increase in generation from renewable energy sources in daylight hours, before the resumption of Russian attacks on Ukrainian energy facilities. After Russia started massively attacking power plants and highway facilities again at the end of March, the export of electricity could only take place during certain hours of the day, when the needs of Ukrainian consumers were lower than the production volumes.
Since May 12, exports have completely stopped.
A more detailed review is available in ExPro Consulting's analytical publications. You can order a subscription to the publication by contacting the e-mail: [email protected] or by calling the number + 38 044 425-55-56