Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
🙌 It's Here: the Only Stock Screener You'll Ever Need Get Started
German industry curbed gas demand by a fifth in crisis - study
Published Nov 01, 2022 12:09AM ET
© Reuters. FILE PHOTO: Model of natural gas pipeline and German flag, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
FRANKFURT (Reuters) - German industry cut its gas consumption by nearly a fifth last month, sustainability experts said on Tuesday, after a plunge in Russian gas exports sparked a continent-wide energy crisis that led to soaring energy prices.
Releasing a working paper that assessed savings measures to date and also looked ahead, researchers at the Berlin-based Hertie School's Centre for Sustainability said that lower usage was a prerequisite for overcoming the crisis.
"A further reduction in gas consumption in industry is likely in view of persistently high gas prices," they said.
Their data did not count special temperatures and macroeconomic effects to allow for a year-on-year comparison of standard consumption for a given month.
Manufacturing industries saved six terawatt hours (TWh) in its processes in September in absolute terms, saving 19% year-on-year over September 2021. By comparison, Germany 1,003 TWh of gas in 2021.
To cope with the high costs, industry operators charged more for their output, switched to alternative fuels or substituted energy-intensive products with imports.
German households, half of whom heat with gas, increased savings to 36% year-on-year in September, having saved 10% in March, the study said.
The researchers explained these findings with delayed billing effects, delayed saving appeal campaigns and a lower price exposure of household prices to the wholesale market.
It was unclear whether householders would continue to voluntarily turn thermostats lower in the cold season, they said.
Gas spot prices on the Dutch wholesale hub, the Title Transfer Facility (TTF), averaged 100 euros ($98.83) per megawatt hour between October 2021 and mid-2022, peaking at 240 euros/MWh in August.
This compared with a long-term, pre-COVID-19 price level of 15-20 euros/MWh.
Germany's expert gas commission on Monday presented proposals to the government for a gas price cap to help citizens and encourage companies to keep up operations and protect jobs.
($1 = 1.0118 euros)
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.