Hungary, Volume on CEEGEX DA 28 TWh in 2022.

, SEE Energy News

The volume of trade on the Hungarian day-ahead gas market of the CEEGEX exchange decreased in 2022 compared to 2021, from about 28 TWh to 24 TWh, according to the annual report of the market operator.

The volume of trading on the intraday market remained unchanged in the last year – about 2 TWh.

The most significant factor affecting trading volume was the difference between CEEGEX DA and the Dutch contract TTF FM MC1.

Spot prices tended to remain below the TTF FM, so customers in Europe preferred to buy gas on spot markets, reducing volumes under long-term contracts with Gazprom. Most of Gazprom’s contracts with European countries are linked to the TTF FM index.

However, spot prices below TTF FM were not associated with higher volume on CEEGEX, the analysis added.

Gas consumption in Hungary in 2022 is down below the three-year average, even compared to the pandemic years.

Total Hungarian imports decreased, while exports decreased by 38 percent on an annual basis, to 23.4 TWh. On the other hand, imports increased by 5 percent, to 124.6 TWh. The difference between net import and export increased by 26 percent.

In 2022, imports from Serbia became dominant, while exports to Romania and Austria increased thanks to increased capacity. Transit flows to Ukraine, Croatia and Serbia have decreased compared to the historical volume.

The withdrawal of gas from storage began in November, one month late. In December, the retreat slowed down thanks to the warm weather.

In late October and into November, gas prices fell to their lowest levels in 2022.

Volatility remained strong on regional stock markets in the region, according to the report. The highest volatility was recorded during the previous winter season, when prices crossed the threshold of 100 euros per MWh for the first time, and then 200 euros per MWh.

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