Natural Gas Daily: April 29th, 2020
Gazprom Stung by Weak Prices, Lower Volumes in 2019
Net profits at Gazprom dipped 17% to $17.2bn in 2019, the Russian state-controlled company reported, as a result of lower gas prices and decreased sales in its most profitable region: Europe.
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The Big Picture:
- Gazprom faced pressure in Europe from increased competition from LNG suppliers last year, which is growing this year. The company is set for a tougher year in 2020, as a result of the demand destruction in Europe caused by Covid-19 lockdowns.
Poland to Seek Control of Gazprom Assets
Poland will seek the seizure of Gazprom's assets in Europe if the Russian gas company fails to comply with a court ruling requiring it to pay $1.5bn for overpricing its gas, Poland's deputy minister of state assets, Janusz Kowalski, said on April 28.
The Big Picture:
- If Gazprom fails to comply, Poland can file another suit at the Stockholm tribunal to enforce the award by having the Russian firm's assets seized, including its shares in the Nord Stream 1 and 2 pipelines, Kowalski said in an interview with local media.
Eneco Joins Dutch Hydrogen Scheme
Dutch utility Eneco has joined Neptune Energy as a partner on the PosHYdon pilot, the UK independent said. It will contribute simulated wind data from its offshore wind farm, Luchterduinen, to support the project.
The Big Picture:
- PosHYdon aims to integrate three energy systems in the North Sea: offshore wind, offshore gas and offshore hydrogen.
Tokyo Gas Annual Profit Almost Halves
Japanese utility Tokyo Gas reported a 48.7% yr/yr drop in profit for the 12 months to March 31 owing to lower gas sales and impairment on its overseas assets.
The Big Picture:
- The impairments relate to the company's US shale assets and Ichthys LNG, off western Australia.
Ukraine Naftogaz Profits Soar in 2019
Ukraine's Naftogaz reported a consolidated profit of hryvnia 63.3 ($2.32) bn after tax on its 2019 trading, up 450% from 2018. The highlight of its year was the transit contract arbitration award against its counterparty Gazprom, the Russian gas exporter.
The Big Picture:
- But the main segments all came off worse, apart from storage.
German Gasag Thrives on Domestic Demand
German utility Gasag is managing the Covid-19 crisis as it has fewer industrial customers and the business is focusing on network operation and sales, it said reporting its positive trading results.
The Big Picture:
- The company is expanding its sales of green energy and is less affected than others by Covid-19.
