August 21, 2012 / 8:22 AM / 5 years ago

NORWAY GAS-Flows to Britain hit lowest this year

* Gas exports to Britain fall below 30 mcm
    * Supplies to continental Europe rise

    OSLO, Aug 21 (Reuters) - Norwegian gas flows to Britain fell
to their lowest this year on Tuesday as major facilities
remained offline and as customers on the continent get priority
over the UK for gas deliveries.
    Supplies to Britain, Europe's most traded gas market, fell
by 7.9 mcm to 29.8 mcm by 0630 GMT as flows through the 71 mcm
capacity Langeled pipeline, the UK's main subsea gas import
route, fell to 12.9 mcm from an average 20.6 mcm on Monday.
    Norway's gas exports fell sharply in August due to
maintenance at a major gas processing plant and some gas fields.
    When there is a production shortage, customers in
continental Europe get priority for gas deliveries as they buy
gas on long-term contracts, while Britain purchases gas mostly
on spot contracts.
    Norway is the second-largest gas supplier to Europe after
Russia, and its importance has been growing as the UK's North
Sea gas production declines due to maturing fields.
    Shipments to continental Europe rose by 9.3 mcm to 205.3
mcm, data from Norway's gas system operator Gassco showed.
    Total deliveries to Europe including Britain were broadly
stable at 235.1 million cubic metres (mcm) per day.
    Combined gas sent to Germany and Netherlands rose by 7.8 mcm
to 135.6 mcm, while flows to Belgium and France remained broadly
stable at 26 and 44 mcm respectively.

    Here are the last spot price settlements on August 20:
    NBP:            53.9 p/th (23.4 euros/MWh)
    NCG:            24.6 euros MWh
    TTF:            24.6 euros/MWh
    Zeebrugge:      23.9 euros/MWh 
    Gaspool:        24.7 euros/MWh
    Peg Nord:       25.0 euros/MWh
    Peg Sud:        27.3 euros/MWh
    Point Carbon estimated oil-indexed gas price as of August 1
to be 85.6 pence per therm (37.2 euros per MWh).

 (Reporting by Nerijus Adomaitis; Editing by Alison Birrane)

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