France’s EDF Opens North Sea’s Dunkirk LNG Terminal
By Anna Shiryaevskaya
(Bloomberg) — The Dunkirk liquefied pure fuel terminal in France obtained its first cargo on Friday, boosting the nation’s import installations for the gas to 4, simply as a wave of latest provide hits the market.
Madrid Spirit, a 285-meter-long tanker, delivered a commissioning cargo from Nigeria, Electricite de France SA, which owns 65 p.c of the undertaking often known as Dunkerque LNG, stated in an e-mailed assertion. A second tanker will arrive subsequent month and the terminal will probably be examined earlier than it begins industrial operations on the finish of September.
The opening of the terminal within the English Channel close to Belgium coincides with extra LNG tankers heading for Europe after demand waned elsewhere and costs for the gas slumped. European LNG imports are forecast to rise about 13 p.c this yr to 45 million metric tons, in keeping with Energy Aspects Ltd., an trade guide in London.
A world glut of the gas is predicted to peak in 2020 with manufacturing capability exceeding demand by 29 p.c, Bloomberg New Energy Finance stated final month in its Global LNG Market Outlook.
Dunkirk will obtain about 20 p.c of all of the fuel consumed in France and Belgium, in keeping with EDF’s web site. Gas from the terminal could be equipped to Belgium and northwest Europe by way of a newly-built pipeline. The terminal’s different shareholders are Fluxys SA and Total SA. Construction of the power began in 2011.
Gas for next-month supply at U.Ok.’s National Balancing Point, Europe’s benchmark, fell 26 p.c previously two years, ICE Futures Europe information present. Spot costs in northeast Asia, the world’s largest LNG importing area, crashed 49 p.c in the identical interval, in keeping with the World Gas Intelligence publication in New York.
Sliding costs in Asia might imply a rise in utilization charges at European terminals. Usage averaged 25 p.c in 2015, ranging between 7 p.c and and 54 p.c by nation, in keeping with the International Gas Union’s annual LNG report.
–With help from Francois de Beaupuy.
© 2016 Bloomberg L.P
