格隆汇11月20日｜德国天然气市场协调机构Trading Hub Europe（THE）周四表示，自明年一月起，将 取消此前为确保最低储气要求而在天然气价格中加收的附加费，此举符合今年早些时候制定的相关立 法。THE在声明中指出，这项附加费的取消取决于届时生效的能源法修订。目前该附加费为每兆瓦时 2.89 欧元。德国联邦议院已于11月6日通过一项法案，规定截至2025年底产生的附加费成本（最高达34 亿欧元，约合39亿美元）将由气候与转型基金承担。该附加费是在2022年俄乌冲突爆发后征收的，目的 是帮助支付用更昂贵的来源和运输方式（如海运液化天然气）取代俄罗斯管道天然气的成本。 ...

Core Viewpoint - The company is proactively preparing for the winter gas supply peak in Henan Province by implementing various measures to ensure stable natural gas supply during the winter season [1] Group 1: Winter Supply Preparation - The company has initiated a series of exchange and discussion activities within its second party-building collaboration area to strengthen the safety measures for winter gas supply [1] - The leading unit of the collaboration area, the Xinyang Company Party Branch, has visited member units such as Nanyang, Xuchang, and Tianrun, organizing three party-building co-construction activities [1] - These activities focus on the core task of winter supply, discussing key aspects such as equipment maintenance, pipeline inspection, and emergency support [1] Group 2: Safety Management and Optimization - Member units shared their achievements in safety management, resulting in the optimization of seven safety hazard rectification plans, significantly enhancing the operability of winter supply measures [1] - A "look-back" mechanism for problem rectification has been established to address issues identified during previous inspections, ensuring that corrective measures are effectively implemented [1] Group 3: Commitment to Stable Supply - The company is committed to ensuring stable natural gas supply through continuous deepening of the theme education "Transform Concepts, Innovate Courageously, Strengthen Management, Create Excellence" [1] - The goal is to contribute to the economic and social development of Henan Province by providing clean energy and ensuring that residents stay warm during the winter [1]

Core Viewpoint - Ukraine has signed a 27-year gas cooperation agreement with Greece's Atlantic-seeLNGTrade company to import liquefied natural gas (LNG) from the United States, potentially altering the energy landscape in Europe [1][8]. Group 1: Background and Context - Ukraine has historically relied heavily on Russian gas imports, which has raised significant energy security concerns [3]. - The ongoing conflict between Russia and Ukraine has intensified the need for Ukraine to accelerate its strategy to reduce dependence on Russian energy sources [5]. Group 2: Agreement Details - The agreement aims to establish a sustainable supply chain, including stable LNG supplies from the U.S. and the integration of infrastructure for energy logistics to Europe [6]. - Greece will play a crucial role as an energy hub, facilitating the efficient transfer of U.S. LNG to Ukraine, thus addressing Ukraine's lack of LNG receiving facilities [6]. Group 3: Implications for Stakeholders - The deal is seen as a win-win for all parties: Ukraine reduces its reliance on Russian gas, Greece activates its energy facilities, and the U.S. expands its market presence in Europe [10]. - The agreement represents a strategic move by the U.S. to diminish Russia's influence in the European energy market [8]. Group 4: Challenges and Risks - The long-term agreement may face challenges, particularly regarding the higher costs associated with U.S. LNG compared to Russian pipeline gas [10]. - Ukraine may encounter significant energy expenditure pressures similar to those faced by other countries importing U.S. LNG [11]. - Geopolitical changes could impact the execution of the agreement, given its 27-year duration and the potential for shifts in international relations [11][12]. Group 5: Future Outlook - The success of the agreement in providing stable energy supplies will require time to assess [14]. - The deal introduces new variables into the European energy landscape, suggesting that further changes in the market are likely in the coming years [14].

Group 1: High-Pressure Natural Gas Power Generation Project - The first high-pressure natural gas long-distance pipeline pressure recovery power generation project in China, the Haimen Station natural gas pressure recovery power generation project, has officially commenced operations in Nantong, Jiangsu [1] - The project efficiently utilizes excess pressure resources during high-pressure natural gas transportation, marking a breakthrough in the comprehensive utilization of energy in long-distance pipelines [1] - The project can generate approximately 3 million kilowatt-hours of electricity annually, equivalent to reducing carbon dioxide emissions by over 2,000 tons [1] Group 2: Technological Innovations and Equipment - The core equipment of the power generation project is independently designed and manufactured in China, featuring adjustable flow technology and 3D-printed impellers [1] - The new technology significantly reduces the energy consumption of the equipment while addressing multiple technical challenges such as high pressure and low flow [1] - The new equipment operates in parallel with the existing pressure regulation system, ensuring a reliable gas supply for residents and businesses even if the power generation equipment is offline [1] Group 3: Future Developments and Projects - The company plans to gradually promote megawatt-level domestically produced pressure recovery power generation equipment in typical distribution stations in the Yangtze River Delta region [2] - The total installed capacity of high-pressure natural gas long-distance pipeline pressure recovery power generation projects in China is estimated to reach 42,000 kilowatts [2] Group 4: "Shan Electric into Anhui" UHV Project - The Anhui section of the "Shan Electric into Anhui" ultra-high voltage direct current transmission project has been fully completed as of November 18 [2] - The project spans 323 kilometers in Anhui, with the entire "Shan Electric into Anhui" transmission line project over 80% complete [2] - The project is part of the national "14th Five-Year Plan" and is expected to be fully operational by the end of June 2026, with an annual electricity transmission capacity exceeding 36 billion kilowatt-hours, more than half of which will be renewable energy [2]

Investment Rating - The report indicates a bullish outlook for European natural gas prices in early 2025, but potential obstacles due to weather and EU storage rule relaxations [5] Core Insights - European natural gas prices are expected to decline to €29 in 2026 and further to €20 in 2027, while U.S. Henry Hub prices are forecasted at $4.60 in 2026 and $3.80 in 2027 [1][2] - The increase in LNG capacity will exceed the Russian gas supply gap, primarily from the U.S. and Qatar, which will help alleviate energy cost pressures in Europe [3] - The global LNG market is anticipated to face oversupply in the coming years, with Henry Hub prices potentially dropping below $2 in 2028 and 2029 [8] - Data centers are projected to significantly increase natural gas demand, with daily requirements potentially reaching 10 bcfa by 2030 [9] Summary by Sections LNG Supply and Demand - The LNG supply wave is expected to dominate the global natural gas market, easing supply-demand balance in Europe and globally [2] - If China increases its natural gas share in power generation and industry by 2% and 3% respectively, it could add approximately 10 billion cubic meters of demand annually [6][7] Market Dynamics - Current market focus includes storage capacity, electricity infrastructure, and supply-demand tightness, with a noted lack of new storage facilities over the past 20 years [4] - The first quarter of 2025 may see a tighter supply-demand balance, but long-term outlook remains bearish [5] Price Forecasts - Long-term price scenarios suggest that European prices could exceed $10 to $15 per million BTU by the mid-2030s due to decarbonization policies [10] - The construction of new storage facilities faces challenges due to high costs, making it difficult to alleviate current market concerns [11][12] Investment Strategies - Midstream companies like Kinder Morgan are viewed favorably due to their ability to benefit from infrastructure demand while being insulated from market volatility [15][18] - Low-cost producers such as EQT are recommended for active buying at around $50 per share, with caution advised near $60 [16][18]

Group 1: Natural Gas Price Trends - International natural gas prices have rebounded in mid-October after a prolonged decline, with the largest increase seen in U.S. natural gas prices due to export prospects and winter stockpiling [1] - European and Asian natural gas prices have seen smaller increases, as industrial demand remains weak, and while power generation demand has grown, it is insufficient to offset supply increases [1] - The rebound potential for international natural gas prices is limited due to relatively small declines in natural gas inventories in Europe and the U.S. compared to last year, alongside ongoing weak industrial demand [1] Group 2: Global Economic Uncertainty - The end of the U.S. government shutdown may lead to some recovery in the U.S. economy, potentially benefiting natural gas consumption [2] - Concerns over a capital market bubble driven by AI have intensified, with investors selling off assets ahead of key events, reflecting fears of high valuations similar to the 2000 internet bubble [2] - The expectation for a Federal Reserve rate cut in December has cooled, with significant internal disagreements among officials regarding inflation risks and economic data availability [2] Group 3: Supply Growth Projections - Global natural gas supply is expected to see explosive growth in 2026, primarily driven by new LNG capacity from the U.S., Canada, and Qatar, with an anticipated increase of 40 billion cubic meters, or 7% [3] - In the third quarter of 2025, global LNG exports reached 107 million tons, marking a 3% quarter-on-quarter increase and a 5% year-on-year increase, largely due to U.S. supply growth [3] - By 2030, global LNG capacity is projected to increase by approximately 300 billion cubic meters annually, significantly influenced by new U.S. and Qatari LNG projects [4] Group 4: Demand Dynamics - High natural gas prices have suppressed demand, particularly in price-sensitive Asian markets, with global demand growth expected to slow to about 1.5% annually from 2024 to 2030 [5] - European natural gas consumption has shown robust growth, driven mainly by the power sector, while industrial demand has declined due to high prices [6] - Asian natural gas demand has stagnated, with a projected decline in 2025, influenced by high LNG spot prices and macroeconomic conditions [6] Group 5: Winter Stockpiling and Future Outlook - Following significant consumption in the winter of 2024, EU natural gas storage levels were low in spring 2025, but strong summer LNG imports have supported rapid replenishment [7] - As of early October, EU storage levels reached 83%, still below last year's 93%, with U.S. storage levels also recovering after winter withdrawals [7] - The ability to replenish natural gas stocks in Europe and the U.S. will depend on winter weather conditions, with potential for strong price rebounds if a cold winter occurs [7] Group 6: Overall Market Outlook - Global economic growth in 2025 is expected to be influenced by U.S. tariff policies, Federal Reserve monetary policy, and European geopolitical crises, affecting industrial demand for natural gas [8] - While European natural gas power generation demand remains strong, Asian markets are seeing a decline due to increased reliance on nuclear and renewable energy sources [8] - In 2026, a potential recovery in industrial gas demand is anticipated, but significant supply growth may lead to oversupply pressures, limiting price increases [8]

（原标题：ADNOC Gas三季度净收入增8%） ZAWYA网站11月13日消息，阿布扎比国家石油公司旗下的天然气子公司ADNOC Gas公布三季度净 收入13.4亿美元，创历史同期新高，同比增长8%。2025年前9个月净收入39.9亿美元，超出市场预期。 国内天然气业务增至9.14亿美元，同比增26%。 ...

新华社呼和浩特11月19日电 记者从内蒙古自治区能源局获悉，位于鄂尔多斯市乌审旗的苏东39-61储气 库已于近日正式投入运行，保障京津冀及周边地区的天然气稳定供应。 苏东39-61储气库的"开阀"供气，标志着内蒙古储气设施正式加入全国天然气冬季保供体系，区域供气 模式已全面由储备状态转入调峰实战阶段，为冬季民生供暖与经济平稳运行构筑起重要资源防线。（记 者安路蒙） 作为国家石油天然气基础设施重点工程，苏东39-61储气库于2022年建成投产，是内蒙古首座储气库。 该库采用"夏注冬采"运行模式，自2025年4月中旬启动注气工作，历经近200天持续储备，于今年10月底 实现7.5亿立方米的天然气储备量。 依托苏里格气田的区位优势，苏东39-61储气库具备快速响应能力，通过陕京线、长呼线等主干管道， 有效承担起京津冀及周边地区用气的调峰与应急保障任务。该库单日最高外输量可突破620万立方米， 预计在本采气季累计供应天然气将超过4.8亿立方米。 ...

Core Viewpoint - Germany's natural gas storage capacity is only at 7.5%, significantly below expectations and historical levels, raising concerns about energy supply stability for the winter season [1][3]. Group 1: Current Storage Situation - As of the beginning of the heating season, Germany's natural gas storage capacity reached only 7.5% of total capacity, while the expected level was 81% [3]. - The current storage level is much lower than the same period last year, where the storage capacity was at 98% [3]. - The storage capacity has remained at this low level since September due to higher-than-expected natural gas consumption [3]. Group 2: Future Projections - If the winter weather is mild, it is projected that Germany's natural gas storage could maintain at least 30% capacity by early February, meeting legal requirements [3]. - However, in the event of severe cold weather similar to that of 2010, existing stocks could be depleted by mid-January [3]. Group 3: Supply Challenges - The German Energy Storage Initiative Association has called for government measures to ensure stable and affordable natural gas supply to storage facilities [3]. - Following the escalation of the Ukraine crisis in February 2022, Russia, previously the largest single supplier of natural gas to the EU, significantly reduced its gas supply to EU countries due to sanctions [4]. - Germany has sought alternative natural gas supply channels to reduce dependence on Russian gas but continues to face supply tightness and soaring prices [4].

天然气长输管道的调压站，曾是能源浪费的"重灾区"。当高压天然气从西气东输主干线奔涌而至，需要经过多级调压才能进入城市管网，这个过程中释放的 巨大压力势能，过去只能通过减压阀白白耗散。据测算，仅西气东输一线工程，每年因调压损失的能量就相当于一座中型火电厂的发电量。 这种技术路径并非横空出世。上世纪80年代，欧美国家就开始探索余压发电，但受制于材料科学和精密制造水平，始终无法解决高压、小流量工况下的设备 磨损问题。中国工程师的解决方案充满东方智慧：用3D打印技术制造叶轮，通过可调节导流技术优化气流路径，再用自然通风系统替代传统电加热复热装 置——三招组合拳，让设备寿命从行业平均的5年延长至15年。 二、技术自主：从"卡脖子"到"领跑者"的逆袭 11月19日，当江苏南通的海门站天然气余压发电项目正式投运，中国能源领域的一场静默革命悄然拉开帷幕。这个全球能源版图上的新兴玩家，用一套自主 研发的"余压回收系统"，在高压天然气输送管道上撕开了一道绿色裂口——每年300万千瓦时的清洁电力，相当于从空气中"抠"出2000吨二氧化碳，这组数 据背后，藏着中国能源转型的深层密码。 一、被浪费的"压力"：一场持续三十年的能源革命 ...