By Anadolu Agency
March 20, 2023 3:09 pmThe price of natural gas per megawatt-hour in Europe fell below €40, the lowest level since July 2021, during the day on March 20, the latest market data showed on Monday.
The April gas contract price on the TTF, the Netherlands-based virtual natural gas trading venue, closed Friday, March 17, at €42.85 per megawatt-hour.
As of 1.20 p.m. CET (1220 GMT), the price of natural gas per megawatt hour was €40.37 per megawatt hour.
The gas contract price fell to €39.8 per megawatt-hour during the day, its lowest level since July 2021.
Mild weather conditions and increased electricity production from wind farms contributed to the price drop.
Due to the low gas consumption, the occupancy rate of natural gas storages in Europe increased slightly and reached 55.7%.
Gas prices fell by 35.3% from a year ago, when TTF price hit €62.43, a month into the Russia-Ukraine war.
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