Latest news with #CarstenPoppinga
Reuters
15-05-2025
- Business
- Reuters
Weak EU gas prices, Chinese demand to encourage storage refill, Uniper executive says
AMSTERDAM, May 15 (Reuters) - Current low European gas prices, supported by weak Chinese demand, will encourage the refilling of EU gas storage sites this summer, a senior executive at German utility Uniper ( opens new tab told Reuters. EU inventories were left two-thirds empty by the end of the winter season and the continent is estimated to need around 30 billion cubic metres (bcm) more gas than last year to meet storage targets. The EU parliament voted earlier this month in favour of loosening filling gas storage rules, over concerns the requirement to fill storage to 90% capacity by November 1 inflates prices. "In Europe, the summer-winter spreads that we see now do incentivise storage filling," Carsten Poppinga, Uniper's chief commercial officer said in an interview on the sidelines of Flame gas conference in Amsterdam. Gas prices rose in February to two-year high of 58 euros per megawatt hour (MWh), but they have since fallen and are now at around 34 euros/Mwh, according to LSEG data. Analysts estimate summer-winter spread has gone down from a high of around 7 euros/MWh earlier this year to 1.3 euros/MWh currently. The EU faces competition for LNG on the global market from Asia. But China, the world's largest LNG buyer, in April recorded its lowest LNG demand since October 2022, and has been reselling U.S.-sourced LNG cargoes to Europe amid a tariff war with the United States. If this continues, it would help Europe replenish stocks. A temporary truce agreed by Washington and Beijing earlier this week could unblock some of the two-way trade brought to a standstill by the conflict between the world's two biggest economies. If a final deal between the two powers is agreed, it might spur economic activity in China and support a pick up in gas demand. "If China takes a lot more of the LNG that is currently coming to Europe, then, of course, it's a different ball game, and then we would see higher prices," Poppinga said Poppinga said that Europe will continue to need LNG even if demand goes down, adding that while trying to diversify supply sources, the continent is still expected to get a large portion of its supplies from the United States. "U.S. LNG remains the most economic way to bring gas into the European Union," he said. In 2022, the German government bailed out Uniper ( opens new tab, once Gazprom's ( opens new tab biggest European customer. The German group has since replaced Russian gas volumes entirely via other suppliers including from the United States, Australia and the Middle East.
Reuters
14-05-2025
- Business
- Reuters
Gas price around 25 euros/Mwh could boost investment, Uniper executive says
AMSTERDAM, May 14 (Reuters) - Gas prices around 25 euros ($28.13) per megawatt-hour, compared to 34 euros currently, could be needed to stimulate investment in the European economy going forward, a senior executive at Germany's utility Uniper ( opens new tab said on Wednesday. Since the energy crisis of 2022, when gas prices peaked at nearly 350 euros per megawatt hour (MWh), dozens of firms across Europe have closed factories and cut activity and jobs as high gas prices undermined their competitiveness. "I'm optimistic that gas prices around 25 (euros/MWH) might stimulate some investment in the European economy going forward, if you can prove that this is a price level that can be stable," Carsten Poppinga, Uniper's chief commercial officer said at the Flame gas conference in Amsterdam. Many businesses have maintained their reduced demand and lower manufacturing activity, with negative implications for Europe's sluggish growth. Poppinga said that Europe will continue to need liquefied natural gas (LNG) even if demand went down, adding that while trying to diversify, the continent is expected to get a large portion of its supplies from the United states. "U.S. LNG remains the most economic way to bring gas into the European Union," he said. ($1 = 0.8889 euros)
Bloomberg
25-02-2025
- Business
- Bloomberg
German Energy Firms Urge Berlin to Cut Gas Storage Goal to 80%
German utilities are pushing authorities to lower the country's gas storage target for next winter to 80%, a move that could help ease Europe's market tensions after inventories were depleted faster than usual this season. Energy lobby group BDEW spoke to economy ministry officials 'in favor of reducing this storage target from 90% to 80%,' said Carsten Poppinga, chief commercial officer of the utility Uniper SE, at a press conference in Essen Tuesday. 'We support it as Uniper and as a member of the BDEW.'
Reuters
25-02-2025
- Business
- Reuters
German gas hub, industry in talks about loosening storage rules, Uniper says
FRANKFURT, Feb 25 (Reuters) - Germany's gas hub Trading Hub Europe (THE) and industry representatives are in talks with the German government on loosening rules on the country's gas storage filling levels, a Uniper ( opens new tab official said on Tuesday. "We are talking to THE," said chief commercial officer Carsten Poppinga at an earnings press conference, adding that among the proposals under discussion was loosening storage targets of 90% to perhaps 80% by November 1. Speculation that Germany may ask the state-mandated THE to refill caverns with the help of subsidies had driven up European gas prices in recent weeks, prompting policymakers more flexibility in terms of filling requirements. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
