Romania gas consumption lower by 7% yoy.
According to a report issued by the Regulatory Authority in the
Energy Sector (ANRE), gas consumption reached 6.8 TWh in May 2013, down
21% and over the period Jan-May 2013, gas consumption was 7% lower yoy.
In April, gas consumption was down by 9% yoy. Most probably the fall
comes as a result of weaker consumption from energy producers, given the
low power prices, and also chemical producers. Starting this year, the
monthly reports of ANRE no longer include the breakdown on consumers. We
were expecting a fall in consumption, but the magnitude is still a
surprise. However, monthly swings do occur so we might see a less abrupt
decline over the following months. Still, the news would be negative for
Transgaz, as the drop in volumes transported in 2Q could easily go above