Germany’s gas costs surged by 78.5%, despite drop in imports

Germany saw its bill for importing gas shoot up by 78.5 percent last year despite a cut in the amount it brought in.

According to the country’s trade statistics office BAFA, Germany imported 7 percent less gas between January and November 2021 compared to the same period a year earlier, Reuters reported.

Tight global supply meant that prices soared, before recently coming down due to the arrival of more seaborne cargoes and environmental factors such as a relatively mild winter.

There could yet be another rise as there are fresh concerns over when the new Nord Stream 2 pipeline with Russia starts flowing. 

Also, disruption of shipments are expected to be caused by escalating tensions on the Russia/Ukraine border.

BAFA’s monthly figures showed Germany’s gas imports from January to November in 2021 totaled 4.546 million terajoules, compared with 4.888 million TJ in the same period a year earlier.

Importers’ bills over the 11 months amounted to $33 billion, versus $18.47 billion in the same period of 2020. In November alone, the price per TJ witnessed a rise of 217.5 percent year-on-year.

The average price paid per TJ on the border in the period was up 92 percent year-on-year, BAFA said.

Germany, Europe’s biggest economy, relies on gas from Russia, Norway, the Netherlands, UK and Denmark. 

German gas stocks, which can hold three to four months of annual consumption, dropped to 45 percent of available capacity this week, down 9 percent on the year, according to Reuters quoting figures by gas infrastructure group GIEs.