GDF Suez sees a rebound in demand for gas in Europe
- on 07.08.10
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GDF Suez Wednesday reported a rebound of 10% of gas demand in Europe since early 2010, after a decline of 5% in 2009.
The French energy company has also indicated it expects a "hard restart" of the natural gas market in the medium term, once erased the combined effects of the crisis and overcapacity.
"Since the beginning of the year, growth (consumption) of gas in Europe is 10% annual rate.If this continues like this all year (…), this means that Europe will consume nearly 60 billion cubic meters more than last year, "said Vice President of GDF Suez Jean-Francois Cirelli, at a seminar for the press.
"It can go very fast on the turnaround (…) For the first time in the first quarter of this year, was circulated more gas in our pipes before the crisis. There's something but nobody knows what to say. It is not just the winter cold, "he added.
Jean-Francois Cirelli was also felt that the glut of production capacity worldwide would disappear before 2015.
GDF SUEZ believes that the demand for liquefied natural gas (LNG) should be supported by China and India.The group also considers that the gas needs for power generation will account for nearly two-thirds of the increase in demand in Europe over the period 2010-2015.
The group now faces declining gas prices on spot markets, so he buys on the basis of long-term contracts indexed to oil prices.
NEGOTIATION "DIFFICULT"
"We went from two euros to 'spread' between the two earlier this year, now three euros for the forward end of the year, however, said Jean-Francois Cirelli.
GDF Suez is trying to negotiate with its suppliers – including Russia's Gazprom – the volume but also the price it wishes partially index the market indices.
"It is true that trading is difficult (…), We have not yet been reached with the Russians but we are on track, "said Jean-Francois Cirelli.
He also reiterated that the group was willing to consider revising its formula for calculating gas rates in France after an increase of 15% since the beginning of the year.
"Everything we can 'pull' to our suppliers, we naturally makes the French, it makes consumers. If we adapt the formula to be able to put a little gas market that reflects the results of our negotiations, we agree, "he said.
GDF SUEZ claims instead of third largest importer of LNG and the first importer in Europe.Russia accounted for 16% of its gas supply end of 2009.
In the LNG group seeks opportunities outside Europe in order to redeploy the volumes "to the markets with the highest growth potential, particularly through the Australian of Bonaparte and the terminal at Mejillones, Chile.