Germany’s Energy Demand Falls as High Prices Hit Oil Consumption
Saudi Aramco’s Adjusted Profit Jumps 33% as Oil Prices Surge What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Germany’s energy demand dropped by 1.9% over the first half of the year on surging oil and gas prices, according to preliminary data released by the Working Group on Energy Balances (AGEB), an association of German economic and energy organizations.
Oil product consumption in the period fell by 8%, with the decline especially marked in diesel consumption, which was down by close to 6%.
Gasoline consumption, on the other hand, fell by a much more moderate 0.6%, dpareported, citing AGEB figures.
Jet fuel consumption fell by 1% while light heating oil consumption plummeted by over 30%.
Coal consumption, meanwhile, rose by a sizable 7% for a country determined to quit the cheapest hydrocarbon fuel, and natural gas consumption also went up, by 1.3%, AGEB also said.
All in all, hydrocarbons accounted for 75.9% of the country’s energy consumption over the first half of the year.
Wind and solar generation grew in the period, thanks mostly to a boost in wind power.
In total, wind and solar accounted for 22.2% of overall energy consumption.
This was up from 20.9% a year earlier, the data also showed.
In terms of electricity generation, earlier datashowedthat hydropower, wind, and solar accounted for an all-time high of 58% in the first half of the year, up from 55.8% a year earlier.
The bulk of the increase came from wind, while hydro fell by 7.7%.
Germany has some of the most ambitious energy transition plans in Europe, betting on wind and solar dominating its grid in the future.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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