Amsterdam: Natural gas prices in Europe experienced a significant drop of more than 30% last month. In December of the previous year, the average spot market price of natural gas under the TTF index, which is the Netherlands' Title Transfer Facility and Europe's most liquid virtual trading hub, stood at USD 9.48 per 1 million BTU (British thermal unit).

According to Azeri-Press news agency, the report by the Gas Exporting Countries Forum (GECF) indicates that in December, gas prices in Europe decreased by 8% on a monthly basis and by 31% on an annual basis. This decline in natural gas prices reflects the changing dynamics in the European energy market.

Since December 31, 2020, Azerbaijani gas has been transported to Europe via the Trans Adriatic Pipeline (TAP). To date, more than 54 billion cubic meters of gas have been transported to Europe through TAP, marking a significant milestone in the region's energy supply chain.