{"id":46486,"date":"2022-12-13T11:26:09","date_gmt":"2022-12-13T16:26:09","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/commodities\/eu-utilities-silver-lining-in-2023-gas-plight-5-key-charts\/"},"modified":"2022-12-13T11:27:21","modified_gmt":"2022-12-13T16:27:21","slug":"eu-utilities-silver-lining-in-2023-gas-plight-5-key-charts","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/commodities\/eu-utilities-silver-lining-in-2023-gas-plight-5-key-charts\/","title":{"rendered":"EU utilities&#8217; silver lining in 2023 gas light: 5 key charts"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a04e48a164a2]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a04e48a164a2'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/commodities\/\" rel=\"category tag\">\n                    Commodities\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">EU utilities&#8217; silver lining in 2023 gas light: 5 key charts<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a04e48a1c415'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg Intelligence <\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">December 13, 2022<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a04e48a1e9ed'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i><span style=\"font-weight: 400\">This analysis is by Bloomberg Intelligence Industry Analyst Patricio Alvarez and Bloomberg Intelligence Associate Analyst Joao Martins. It appeared first on the Bloomberg Terminal. <\/span><\/i><\/p>\n<p>Amid a structurally tighter gas-supply outlook, less volatile &#8212; but still elevated &#8212; 2023 prices could hold a silver lining for European gas utilities&#8217; supply margins. With gas-shortage fears easing, the focus is now turning to looming recession headwinds. Below we have set out five charts summarizing the sector&#8217;s key drivers and risks in 2023.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Bloomberg Intelligence: Data-driven research<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn more<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_9207097955340880682\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/products\/bloomberg-terminal\/research\/bloomberg-intelligence\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Margin rebound rests on easing gas, power prices<\/h2>\n<p class=\"bi-text\">European gas prices could remain elevated vs. the 2017-21 average, with the halt of Nord Stream 1 marking a structurally tighter supply outlook and increased reliance on a competitive LNG market. Still, historically high but smoothing prices might be supportive for European gas and power utilities, easing pressure on the unhedged share of utilities&#8217; (Enel, Iberdrola) supply margins and volaility-induced liquidity needs. This could unlock earnings potential for producers hedging their 2023-24 power sales at higher prices, excluding potential regulatory backlash.<\/p>\n<p class=\"bi-text\">Regulated gas (Snam) and power (National Grid) peers are largely insulated from commodity price and volume swings, meaning stable earnings growth may extend in 2023 amid tariff-indexation and sustained asset-base expansion.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"535\" height=\"379\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/eu-gas.png\" class=\"bbg-single-image__image attachment-large\" alt=\"\" title=\"eu-gas\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>As retail-energy prices adjust, bad-debt risk looms<\/h2>\n<p class=\"bi-text\">Following 2022&#8217;s surge in wholesale-energy prices, retail contracts are set to adjust to reflect suppliers&#8217; higher procurement costs. This could ease utilities&#8217; margin squeeze but simultaneously weaken affordability for customers, particularly if coupled with an economic downturn. This underscores bad-debt risk for utilities with an energy-retail bias and a focus on fewer markets (Centrica, Endesa) relative to their more integrated and diversified peers (Iberdrola). Geographical exposure could also be a differentiating factor as policymakers deploy national measures to shield customers vs. inflation.<\/p>\n<p class=\"bi-text\">Government-sponsored support for energy-bill affordability in the UK and Germany could provide a helpful backdrop, enabling headroom for a supply-margin recovery, tempering bad-debt risk.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"526\" height=\"370\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/average-trade.png\" class=\"bbg-single-image__image attachment-large\" alt=\"\" title=\"average-trade\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Nord stream 1 damage means higher prices for longer<\/h2>\n<p class=\"bi-text\">European natural gas prices are set to remain elevated vs. their 2017-21 average, beyond the transient breather provided by near-full storage and softening demand. Unprecedented damage to Nord Stream 1 in 3Q dispels hopes for a near-term rebound in Russian piped flows, which remain at 20% of capacity, driving a structurally tighter supply outlook. Record LNG imports and higher piped flows from Norway have reduced Russian dominance in the region&#8217;s gas-supply mix, but curbing gas use is key to avoid depleting winter storage. The potential halt of Russian gas flows via remaining routes (Ukraine and Turkey) and a colder-than-average winter could be near-term price catalysts.<\/p>\n<p class=\"bi-text\">The latest Dutch TTF forward curve suggests prices may range from 100-130 euros a megawatt-hour in 2023 &#8212; 5-6x the five-year average.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"533\" height=\"387\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/dutch.png\" class=\"bbg-single-image__image attachment-large\" alt=\"\" title=\"dutch\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Winter buffer may thin on supply cuts, heating demand<\/h2>\n<p class=\"bi-text\">With narrow supply prospects set to worsen if Russian flows via two of the five remaining routes stop, our baseline scenario is now meeting the EU&#8217;s 15% demand-reduction aim in August to March vs. the five-year average. In the event of sustained Russian supplies via TurkStream and Sudzha (via Ukraine) and normal weather, European storage levels could end winter ahead of their historical averages. A similar weather profile and a full halt of Gazprom&#8217;s piped imports from December would lead to lower but still manageable storage levels, as Russia&#8217;s deeply curbed flows now have a lower influence over the region&#8217;s supply mix.<\/p>\n<p class=\"bi-text\">Conversely, in a scenario of below-average winter temperatures and a full halt of Russian piped gas, an increased call on storage could see inventories exit 1Q below their five-year average.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"534\" height=\"357\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/europe-2022.png\" class=\"bbg-single-image__image attachment-large\" alt=\"\" title=\"europe-2022\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>LNG, Norway displace Russian gas in the EU&#8217;s supply mix<\/h2>\n<p class=\"bi-text\">The European energy crisis &#8212; triggered and exacerbated by Russia&#8217;s intensifying suppression of piped-gas flows &#8212; is driving a reconfiguration of the region&#8217;s supply mix. Incremental Norwegian flows and record LNG imports are likely to backfill about 80% of havled Russian piped-gas imports in 2022, based on our analysis, yet the region&#8217;s demand may need to adjust 12-15% to meet a structurally narrower supply base. Despite Europe&#8217;s supply-diversification push, Russian LNG imports are on track to climb year-over-year.<\/p>\n<p class=\"bi-text\">Norway is poised to contribute 25-30% of Europe&#8217;s 2022-23 gas supply, displacing Russia as the region&#8217;s largest piped-gas provider. Russian gas (excluding LNG) accounted for 35% of Europe&#8217;s supply in 2021, with that share set to fall below 16% in 2022 and 10% in 2023 amid reduced exports.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"528\" height=\"364\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/gas-supply.png\" class=\"bbg-single-image__image attachment-large\" alt=\"\" title=\"gas-supply\" \/>\n        \n            <\/figure>\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a04e48a35831]::before {\n\t\t\t\tbackground-color: 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