New dependency? – Norway quadrupled income from gas exports

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Compared to last year, Norway quadrupled its revenue from gas exports in July. Since European countries have tried to reduce their dependence on Russian energy imports, the demand for gas from Norway has increased. Germany wants to expand trade further.

In July, the value of Norwegian goods exports exceeded that of imports, the National Statistics Institute announced on Monday. The previous record was only set in March. The fact that the gas price was driven to a record level in July is due to the temporary closure of the Nord Stream 1 pipeline and the decline in gas transport through the pipeline, the statisticians explain.

Production at full speed
To meet some of the needs of other European countries, Norway is currently producing gas at full throttle. Customers include Austria and Germany, with the neighboring country looking to further expand its energy activities. German Chancellor Olaf Scholz (SPD) will meet Norwegian Prime Minister Jonas Gahr Störe in Oslo on Monday.

prices have increased significantly
In Germany, customers can expect significantly higher gas prices from the autumn. The additional costs for a household with a single-family home and an annual consumption of 20,000 kilowatt hours would be around 484 euros per year. Added to this is the VAT, which the German government wants to avoid. Russia has been unpredictably cutting its gas imports to Germany since mid-June, creating an artificial energy shortage and pushing prices up, the economy ministry reported.

Until now, gas importers in the neighboring country have had delivery obligations to their customers. To meet this requirement, they have to replace lost gas volumes from Russia by purchasing significantly more expensive volumes on the short-term market. The additional costs cannot yet be passed on, but that will now change with a planned national gas levy. This will be introduced from October.

Source: Krone

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