Monitoring the internal natural gas markets

2022 ACER-CEER Market Monitoring Report - monitoring the gas wholesale markets in 2021

The MMR offers an overview of EU gas markets in 2021 and in the first half of 2022. This edition focuses on analysing the various drivers causing unprecedented price escalation, includes recommendations for further market development and contains proposals to secure supplies and to hedge price exposure.

Monitoring the internal natural gas markets

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Report

The report looks at:

  • gas market developments and the drivers of the unprecedented gas price rise,
  • the level of competition and gas market functioning using mainly the metrics in the ACER Gas Target Model,
  • the positive effects on markets of the implementation of the gas Network Codes.

It has a set of recommendations:

  • to speed up a single Internal Gas Market in Europe,
  • to secure gas supplies for Winter 2022 and hedge price exposure amid the challenging market circumstances.

The main findings of the 2021 Gas MMR are:

  1. Record high EU LNG imports (mostly from the US) and falling gas demand are (so far) offsetting the lower Russian pipeline flows in 2022.

  2. Markets expect gas prices to remain high in the coming months driven by concerns regarding supply.

  3. The EU gas market delivers benefits in terms of trade, innovation signals and security of supply. The focus is on finding policy responses to secure supply (e.g. filling storage, diversification of supply etc.).

Access the report.

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