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7.7 Energy & Power - Moldova
Moldova halved natural gas consumption since 2021. The country’s natural gas consumption dropped to 647mn cubic metres in 12 months to September 2023, 39% less than in the previous 12-month period and only 53% of the consumption in the 12-month period to September 2021.
While the country managed to procure gas at more affordable prices recently, they will never return to the levels seen before 2021 and public policies – subsidies but also incentives for investments in energy efficiency – aimed to support industrial sectors are key to prevent further economic contraction.
Compared to the period before September 2021, the residential natural gas consumption decreased by 42% to 267mn cubic metres (43% of the total) in the 12-month period to September 2023 while the non-residential natural gas consumption contracted by 51% to 371mn cubic metres (57% of the total).
Despite importing much less natural gas, the country’s gas bill exceeded $1bn for the 12 months to September 2023. This is five times more compared to the 12-month period to September 2021, before the political tensions with Russia resulted in the renegotiation of Moldova’s contract with Gazprom.
This was because the average price paid in the most recent 12-month period exceeded $1,000 per 1,000 cubic metres, nearly four times more than the $268 before September 2021.
150 SE Outlook 2024 www.intellinews.com