Deutsche ReGas Terminates FSRU Energos Power Contract Amid LNG Pricing Issues
(P&GJ) — Deutsche ReGas has ended its contract for the FSRU Energos Power, which was chartered from the German Federal Ministry for Economic Affairs and Climate Protection.
The decision impacts the 174,000 m³ floating storage regasification unit (FSRU) that began operations in February 2024 at the Deutsche Ostsee LNG import terminal in Mukran, Germany. The terminal is designed to handle 13.5 Bcm per year of LNG.
The company cited the significantly lower prices set by Deutsche Energy Terminal for regulated LNG terminal capacities as one reason for the contract's termination. The rates were found to be well below the cost-covering fees authorized by the German Federal Network Agency. In response to the situation, Deutsche ReGas has indicated its willingness to work with the German Government to find a solution if a supply shortage arises.
The Deutsche Ostsee LNG terminal, which began commercial operations in September 2024, has a storage capacity of over 300,000 m³ of LNG and a regasification capacity of 13.5 Bcm per year. Natural gas is delivered to the German gas transmission network in Lubmin through a 50 km (31 miles) pipeline. Along with Energos Power, the terminal also operates the FSRU Neptune, a 145,000 m³ unit co-owned by Hoegh LNG and sub-chartered from TotalEnergies.
Preliminary data from the German Federal Network Agency shows that German gas imports dropped by 11% to 865 TWh, with 69 TWh of that total imported through the country’s LNG terminals, including Wilhelmshaven, Brunsbüttel, Lubmin, and Mukran, accounting for approximately 8% of the country’s total imports.
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