- There was a decrease in electricity generation demand (-21.9%), although industrial consumption increased by 4.2%.
- Algeria remained the main gas supplier to Spain (38.6%), followed by Russia and the United States.
- The production of biomethane grew by 31% and exceeded the production of gas from national reserves.
- The price of gas in the main European markets decreased by 16% year-on-year and by 73% compared to the 2022 average.
Gas demand in our country experienced a 4.2% year-on-year decrease in 2024, reaching 312 TWh, due to lower demand for electricity generation (-21.9%). However, conventional demand increased by 3.2% compared to the previous year, driven by industrial consumption (+4.2%). (IS/DE/004/24)
The Spanish market was supplied by fourteen countries. Algeria was the main supplier, with a 38.6% share (up 9.3 points from 2023), far ahead of other producers. Russia (21.3%) moved to second place – climbing one spot from 2023 – followed by the U.S. (16.8%) and Nigeria (7.2%).
Decrease in LNG Imports
Gas imports via LNG tankers exceeded 60% of Spain’s supply, below the record high of 71% in 2022. Gross LNG imports were 205.7 TWh (down by 25.8%) from fourteen different sources.
Imports via pipelines were 134.81 TWh (up by 12.9%), representing 39.6% of total imports. Of these, 78.5% came from Algeria and 21.5% from the European internal market.
A total of 211 ship unloadings were conducted, compared to 299 in 2023 and 338 in 2022.
Interconnections with France and Portugal had a net importing balance in 2024, while the exporting balance to Morocco was maintained.
Renewable Gases (Biomethane)
In 2024, the CNMC approved a resolution to expedite the connection of biomethane plants. Biomethane production was 319 GWh, a 31.3% increase from the previous year, from 12 installations. The major biomethane injectors were Axpo and Pavilion, accounting for 80% of the biomethane injected into the gas system.
MIBGAS Market Evolution in 2024
The total volume traded in MIBGAS in 2024 was 134,976 GWh, 43.3% of Spain’s gas demand, 6.2% less than the volume traded in 2023. The average closing price of the D+1 product on MIBGAS in 2024 was €34.76/MWh. This represents an 11% decrease in the annual average price compared to the 2023 value of €39.12/MWh.
Prices in Europe
Despite the decrease in gas flows from Russia, the gas price in Europe averaged €35/MWh (down 16% year-on-year and 73% compared to 2022). European hubs reflected reduced exposure to Russian gas with more pronounced interconnection among them.
Prices experienced a decline to lows (around €25/MWh at the end of the first quarter) and then increased to surpass €50/MWh by the end of the year. Throughout the year, the European reference market, TTF, increased by 28.1%, ending around €45/MWh on average monthly in December.
Gas Demand in Europe
Gas demand in Europe was 332 bcm, a slight 1% increase compared to 2023. Compared to 2021 (pre-crisis, 412 bcm), EU gas consumption decreased by 20%.
