Jerusalem, 3 September, 2023 (TPS) -- According to The Natural Gas Authority of the Ministry of Energy and Infrastructure the average price of natural gas for Israeli customers in the second quarter of 2023 was $4.56 per MMBtu, compared to an average price of $4.71 per MMBtu in the corresponding quarter last year. In the previous quarter, the average natural gas price was $4.65 per MMBtu.
One MMBtu is one million British thermal units, the standard unit used to measure heating content.
The Natural Gas Authority updates that the spot prices of natural gas in Europe and liquefied natural gas in Asia are currently sold at over $10 per MMBtu. In the US and Canada the prices are lower, between $2-$3 per MMBtu.
Since the end of October 2022, the supply of natural gas in Israel comes from three suppliers when production began from the Harish-Tanin reservoir that joined the existing gas reservoirs: Tamar and Levitan. The increase in supply sources increases the redundancy in the natural gas economy and contributes to competition and a reduction in the price of natural gas for consumers. Since natural gas is the main source of energy for electricity production in Israel, low natural gas prices contribute to a reduction in the price of electricity.