Latest news with #Eurostat
Euronews
7 hours ago
- Business
- Euronews
EU now imports more LNG than pipeline gas: Is it bad for the climate?
The first quarter of 2025 has marked a significant shift in EU gas imports. For the first time, the bloc seems to be importing more liquefied natural gas (LNG) than natural gas through pipelines: 8.4 million tonnes compared with 8.2 million tonnes, according to Eurostat data. The quantity of LNG imports soared by 12%, compared to Q1 2024, which also meant a sharp increase in money spent on these imports. This figure soared by 45%, totalling €5.3 billion. This shift was driven by the recent expansion or reactivation of LNG regasification facilities in countries like Poland, Finland, the Netherlands, Germany, Croatia, Italy, Belgium and Greece following the 2022 full-scale invasion of Ukraine. More expensive and questionable environmentally: the dark side of LNG LNG implies higher upfront operational costs because it needs to be frozen to -162°C to be transported, becoming 600 times smaller in volume before it's regassified. Also, transporting it requires specially equipped trucks or cargo ships, which have a much bigger environmental impact than common pipelines. A study by New York's Cornell University quantified LNG's carbon footprint as 33% higher than coal. "The emissions of methane and carbon dioxide released during LNG's extraction, processing, transportation and storage account for approximately half of its total greenhouse gas footprint," says the study's author, Robert Howarth. Compared to pipeline gas, the International Energy Agency claimed LNG has a 67% larger carbon footprint (12 g CO2/MJ pipeline vs 20 g CO2/MJ). However, the International Energy Agency (IEA) insisted that there's room to bring emissions down by about 60% by reducing leaks and flaring, as well as using carbon capture. Why was the EU forced to resort to LNG? LNG is an extremely flexible resource, due to the possibility of signing short-term contracts, allowing for quicker adjustments to market downturns and volatility. The fact that importing LNG doesn't require pipelines also makes it more resilient to logistical issues like infrastructural damage or blockades, mitigating the impact of geopolitical shocks. The EU used to import a lot of natural gas from Russia via pipeline, but that dramatically changed after the full-scale invasion of Ukraine. First, Moscow shut down its Nord Stream 1 pipeline to Europe, which was also badly damaged, later, in an underwater sabotage by unknown attackers, along with Nord Stream 2 (which was never launched). Additionally, almost no Russian gas is coming to Europe through Ukraine, as Kyiv didn't renew the necessary transit contracts in January. Russia remains the EU's second LNG provider after the US The share of Russian natural gas in total EU energy imports fell dramatically from 41% in 2021 to around 18% in 2024, according to EU Commission data. Faced with pipeline cuts, the EU was forced to pivot to liquefied gas. In 2025, the US continues to be the EU's largest LNG partner, accounting for just over half of all imports in value (50.7%), followed by Russia (17%) and Qatar (10.8%). Russia's imports, however, are still relevant, and the EU can't afford to cut them completely just yet. The bloc opted for sideline measures like a ban on future investments in LNG projects in Russia as well as a ban on the use of EU ports for the transhipment of Russian LNG, and on the provision of goods, technology and services for Russian LNG projects. Recently, the EU set 2027 as its deadline to stop all Russian energy imports, including LNG. Whether it will meet it or not, member states are rushing to diversify their gas partners, primarily boosting pipeline imports from Norway — which sells the EU over half of its natural gas imports — Azerbaijan and Algeria. Germany backs extraction agreement with the Netherlands "Energy prices are higher in the EU than in most other industrialised economies, presenting a fundamental competitiveness challenge," a recent Bruegel report read. Countries like Germany and Romania are responding by launching plans to boost gas extraction. On Wednesday, Berlin backed a cross-border agreement with the Netherlands for cross-border extraction in the North Sea. Bucharest is headed to the Black Sea with an ambitious project called Neptun Deep. This marks Romania's biggest energy project in two decades, and should become operational in 2027, to exploit the estimated 100 billion cubic meters of gas reserves. In Q1 2025, the EU spent 19% more on natural gas imports compared to the same period last year, although it bought 12% less in quantity. Regarding all energy imports, Eurostat notes that costs "increased slightly by 0.3%, while the volume decreased by 3.9%".
Hospitality Net
8 hours ago
- Business
- Hospitality Net
April 2025: Easter vacations support European hospitality activity by MKG Consulting
While Easter weekend fell at the end of March in 2024, this year it fell in April. The spring vacations fell in the same timeframe, which helped to keep leisure destinations busy. Stabilization of occupancy and average daily rate trends in low-cost and budget segments. Overall, European hoteliers saw their RevPAR increase by 2.5% to close in on €90 (€89.3). In terms of occupancy rate, the budget segment showed the strongest growth compared to April 2024 (+2 points). The economy segment remained virtually stable, with +0.3 points. With average daily rates up 1% across all segments, hoteliers are fine-tuning their sales prices to adapt to the ever-increasing sensitivity of both corporate and leisure customers. A trend that could even be described as negative in some markets, given that inflation in April 2025 is 2.4% according to Eurostat. European hotel trends: April 2025 - RevPAR par Hospitality ON— Source: HSMAI Europe A podium that reflects market dynamics that remain out of the ordinary The top three RevPAR performers are destinations that are less talked-about in Europe: +18.1% RevPAR in Austria, with the second highest occupancy rate (+4 points) and the highest average daily rate (+11.9%). During this month of school vacations, the destination attracted a large number of visitors, capitalizing on its winter sports offering and the attractiveness of centers like Vienna, which attracted German customers in particular. Silver medal for Hungary, whose performance has been noteworthy since the beginning of the year. The destination continues to attract customers who can no longer afford to access markets with average daily rate above €100. An increase in occupancy of 2.9 points, combined with a 7.9% rise in average daily rates, enabled Hungarian hoteliers to post a 12.3% increase in RevPAR. Last place on the podium went to the Czech Republic, which hosted the Ice Hockey World Championships between April 9 and 20. The 10 teams and their fans fueled occupancy, enabling occupancy rate to rise by 4.3 points (best increase of the panel) and pushing prices up by a modest 3.1% for a RevPAR up 9.2%. How did the major markets perform? Between Germany, Spain, France and the UK, France performed best. Just behind Portugal, it posted a 6.5% increase in RevPAR to €78.8. + This represents a 3-point increase in occupancy rate and stable or even slightly higher average daily rates, compared with the 0.9% inflation rate declared by Eurostat in April 2025 (+1.9%). In Spain, occupancy rate is stable (0.2 points) but prices are still rising (+4.6%), pushing RevPAR to €114.1 (+4.8%). The sol y playa formula, combined with city-breaks that remain attractive, is proving popular. In the United Kingdom, visitor numbers remained stable (-0.4 points), while prices were stable (0.2%), not keeping pace with the acceleration in inflation reported by the Office for National Statistics (3.5%). As a result, RevPAR was stable at -0.3%. No major events of note to support business, with the exception of the London Marathon held on April 27, which attracted some 57,000 runners. But there was no noticeable drop in sight either, as the country introduced its famous ETA this month. Occupancy rate down 2.2 points and ADR stagnating at 1.8% for Germany, with RevPAR down 1.5% and approaching the €70 mark in sales per room sold. Despite Milan Design Week and the events surrounding the death of the Pope at the end of the month, Italy saw stable visitor numbers (0.7 points) in April, with average daily rates down slightly (-0.9%) for a RevPAR slightly up by 1.8%. 5 countries in the RevPAR club at half-mast The UK and Germany are the least affected. In Greece, despite a drop in occupancy (-7.6 points), hoteliers continue to push up average daily rates by 8.1%, maintaining the 3rd highest RevPAR of the panel behind the Netherlands and Italy. In Switzerland and Belgium, the strategy is different, with ADR declines of -1.8% and -5.1% respectively. In April, Swiss hoteliers saw their occupancy stabilize at -0.7 points, while it rose very slightly in Belgium (+1 point). Europe remains a heterogeneous market, with a €103.1 delta between the highest RevPAR in the Netherlands (€147.6) and the lowest in Latvia (€44.5). This gap reflects the diversity of the offer, with parks of varying levels of quality. There are still destinations where the budget offer predominates. In terms of visitor numbers, results on the Old Continent were more uniform, reflecting the attractiveness of this territory, ranging from 67.9% in Germany to 83.8% in the Netherlands. However, these figures need to be qualified in view of the size of these two markets, the German market being more substantial. Article by MKG About HSMAI Europe HSMAI – Hospitality Sales and Marketing Association International – is a global organisation founded in the US in 1927. HSMAI Region Europe is the European arm of the organisation. HSMAI Europe aims to be a key influencer, pioneer and the go-to industry resource for professional development, commercial strategies and sustainability in the hospitality, travel and tourism industry. With a strong focus on education, HSMAI has become the industry champion in identifying and communicating trends in the hospitality industry while operating as a leading voice for both hospitality and sales, marketing, and revenue management disciplines. Read More HSMAI Europe HSMAI Europe View source
Yahoo
a day ago
- Business
- Yahoo
Eurozone's Jobless Rate Creeps Higher as Business Uncertainty Abounds
The eurozone's unemployment rate inched higher in May, a sign of jitters among European firms amid economic uncertainty over tariffs and geopolitical tensions. Unemployment rose to 6.3% in the 20-nation currency area, up from 6.2% in April, the European Union's statistics agency Eurostat said Wednesday. A consensus of economists polled by The Wall Street Journal had expected the rate to hold at 6.2% in May. Private Equity Caught in Crosshairs of Elise Stefanik's Attack on Harvard China Is Quickly Eroding America's Lead in the Global AI Race Lululemon Sues Costco Over Alleged Knockoff Activewear Trump Said 'No Tax on Social Security.' The Tax Bill Comes Closer to It. The Tech-Stock Bargains Hiding in Nvidia's Shadow Despite the uptick, the jobless rate is near historically tight levels. April's level equaled the eurozone's record-low rate, although it came after March's level had been revised higher to 6.4%. The rise in May was driven by Italy, where the rate rose to 6.5% from 6.1% in April, although the unemployment level there has been volatile. However, uncertainty in the economic outlook suggests more volatility in the labor market to come. The raising of trade barriers by the Trump administration and rising oil prices amid continued geopolitical upheaval in the Middle East mean companies have sometimes struggled to plan ahead, preferring to hold onto staff rather than to hire new ones. President Trump has set a July 9 deadline for trade talks between the EU and U.S. to agree on a deal. The U.S. has placed 25% tariffs on cars and 50% on steel and aluminum, with a 10% baseline on most other goods imports into the U.S. Trump has threatened a 50% tariff on all EU goods imports should talks end without an agreement. Some major European manufacturers such as carmaker Audi, technology company Siemens and industrial conglomerate Thyssenkrupp have pledged in recent months to reduce their workforces as they reconfigure to the global economic uncertainty and also the transition to electric vehicles. While business expectations in Europe's manufacturing sector improved in more timely data for June, it didn't prevent further cutbacks to employment, according to a survey of firms published Monday. The rate of job shedding was slightly faster in June than May, the S&P Global report said. However, overall employment in the eurozone was marginally up, given jobs growth in the services sector where staffing levels were up modestly, S&P said in a separate report last week. Meanwhile, the surge in spending promised by Germany's new government is expected to provide a stimulus to growth within the eurozone's largest economy. Some economists believe that underused parts of the factory sector could be repurposed for weapons manufacturing. Labor market shortages persist, as ING economist Bert Colijn noted in a client update, and while vacancy rates are falling, they are still far higher than before 2018. That would otherwise cause concern for the European Central Bank as it tries to control inflation, given the likelihood that a tight labor market would engender strong wage growth. But productivity growth in the eurozone is picking up, meaning that inflationary pressures from the jobs market are actually fading and should align with the ECB's 2% inflation target, Colijn continued. The ECB expects unemployment to average 6.3% in 2025, according to its latest projections. However, it said there could be a renewed decline in the rate from early next year should economic growth accelerate as it anticipates. Write to Ed Frankl at JPMorgan Chase Ups Dividend, Approves $50 Billion Buyback After Stress Test Powell Cites Solid Economy in Keeping Wait-and-See Stance on Rates Car Sales Cooled in June as Trump Bump Fades Hollywood Confronts AI Copyright Chaos in Washington, Courts Tech Stocks Fall, Led by Tesla, and the Market Slips From All-Time High Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Wall Street Journal
a day ago
- Business
- Wall Street Journal
Eurozone's Jobless Rate Creeps Higher as Business Uncertainty Abounds
The eurozone's unemployment rate inched higher in May, a sign of jitters among European firms amid economic uncertainty over tariffs and geopolitical tensions. Unemployment rose to 6.3% in the 20-nation currency area, up from 6.2% in April, the European Union's statistics agency Eurostat said Wednesday. A consensus of economists polled by The Wall Street Journal had expected the rate to hold at 6.2% in May.
Euronews
a day ago
- Business
- Euronews
Eurozone unemployment ticks up modestly as tariff uncertainty lingers
The seasonally adjusted unemployment rate in the eurozone was 6.3% in May 2025, up from 6.2% in April 2025 and down from 6.4% the prior year. Eurostat also confirmed on Wednesday that the EU unemployment rate was 5.9% in May 2025. That's a flat reading compared to April 2025 and down from 6.0% in May 2024. To look at the underlying figures, 13.052 million people in the EU were unemployed in May 2025, of whom 10.830 million were in the eurozone. Unemployment rates remained relatively stable in major eurozone economies aside from Italy, which saw a jump from 6.1% to 6.5% in May. Historically few people are without work in the eurozone as companies struggle to plug job shortages. This is putting some upward pressure on wage growth, although salaries are still coming down from post-inflation shock highs. 'For the end of the year, we expect wage growth to drop to around 3% or slightly below. With productivity growth picking up, this means that inflationary pressures from the labour market are actually fading and should align with the ECB's 2% inflation target,' said Bert Colijn, ING's chief economist for the Netherlands. 'So, despite a continued heated labour market, wage pressures are likely to pose a lesser immediate risk to the ECB's inflation outlook,' he added. Although interest rates and price pressures have declined over the past year in the eurozone, businesses are also facing added uncertainty from US tariffs and geopolitical tensions. US President Donald Trump has set a deadline of 9 July to secure agreements with trading partners before his so-called 'Liberation Day' tariffs come back into effect after a 90-day pause.
