Gas market in Q4 2024: decrease in OTC and TGE contract prices, slight volume increase in OTC transactions and a decrease in exchange sales
In the last three months of 2024, average natural gas prices for sales transactions at the OTC virtual point were over 25 per cent lower than in the same period of 2023. In contrast, the average price of natural gas fuel in contracts concluded on TGE (the Polish Power Exchange) dropped by more than 24 per cent during this time.
The wholesale natural gas sales volume for transactions at the OTC virtual point in the fourth quarter of 2024 exceeded 7 TWh, marking an increase of 0.17 TWh compared to the fourth quarter of 2023. Meanwhile, the volume of gas delivered under TGE contracts amounted to 43.8 TWh, reflecting a decrease of 4.5 TWh compared to the same period in 2023.
Figure 1. Gas volumes delivered in Q4 of 2019-2024 under OTC and TGE transactions
In the fourth quarter of 2024, the average price of gas in contracts concluded on TGE was PLN 233.71/MWh, compared to PLN 308.18/MWh a year earlier, marking a decline of over 24 per cent. Meanwhile, for sales transactions carried out at the OTC virtual point during the same period, the average price stood at PLN 215.81/MWh, down from PLN 289.74/MWh a year earlier, reflecting a drop of more than 25 per cent.
Figure 2. Average price of gas delivered in Q4 of 2019-2024 under OTC and TGE transactions
In the fourth quarter of 2024, the volume of high-methane gas flowing through the Polish transmission system increased by 7 per cent compared to the same period in 2023. LNG terminal gas deliveries rose by 3.2 per cent, while EU gas deliveries saw a significant increase of 19.4 per cent.
At the end of Q4 2024, 185 entities held licenses for gaseous fuel trading, with 85 companies actively engaged in natural gas trading in Poland.
Detailed quarterly data on gas trading is available on the URE website under the Wholesale Natural Gas Market – Monitoring tab.