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Vol.1977/0086

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COMMISSION OFTHEEUROPEAN COMMUNITIES
*
COM(77 )234final
Brussels ,7June 1977
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THE ENERGY SITUATION INTHE COMMUNITY
{
SITUATION 1976 -OUTLOOK 1977
COM(77 )234final

ThisreportanalysestheenergysituationintheCommunityin
1976andcommentsontheoutlookfor1977.
Aneconomicrecoveryin1976resultinginariseinthe
Community'srealgrossdomesticproductofabout4Ti%ledtoa
growthinenergydemandofabout4*7%ascomparedwith1975•
Thegrowthininlandconsumptionofthemainprimaryenergy
sourceswasasfollows:Oil5•5%iCoal5«0%andNaturalGas1.5%'
Therewasanearwiormalgrowthinelectricityproductionof8.0%,
despiteafallinthesupplyofprimaryelectricityofnearly4%
owingtoseveredroughtconditionswhichhithydro-electric
production.
Theeconomicoutlookfor1977ismostuncertain.Apossiblerate
ofgrowthintheCommunityfsrealgrossdomesticproductof
couldleadtoariseinenergyconsumption ofthesameorder.
(94OMiotoecomparedwith864Miotoein1975)
Asmalloverallgrowthinoildemandisexpected,theanticipated
increaseinenergyconsumptionbeingmetlargelybynaturalgas
andprimaryelectricity.Theimpactofthe0.P.E.C."two-tier"
priceincreaseonoilpricesandconsumptionwillprobablybe
delayed,becauseofhighcrudeandproductstocks,untilthe
secondhalf-year.
Naturalgasproductionisestimatedtogrowby3.5$«Importsof
naturalgasareexpectedtorisesignificantly to250thousand
Teal(142thousandTealin1976).
Nuclearcapacityshouldreach24f600MWe,withaproductionofelectricalenergybetween110and120TWh,i.e.approximately 10%
oftotalelectricity production.

CONTENTS Page
I.Summary 1
II.TheEconomicSituation /
IIITheDemandforEnergy c
IVTheMarketSituationandOutlook g
A.Petroleum 5
B.NaturalGas 12
C.Coal 15
D.Electricity ?0
E.NuclearFuels 23

-1-
The Energy Situation mthe Community
Situation 1976 –Outlook 1977
I•Summary
1976
(l)Aneconomic recovery in1976 resulting inarise inthe
Community 'sreal gross domestic product ofabout 4*2$led
toagrowth inenergy demand ofabout 4•7/Sascompared with
1975 -
(2)Thegrowth ininland consumption ofthemain primary energy
sources was asfollows :
»76/75
Per cent
Oil +5.5
Solid Fuels +5.0
Qas +7.5
(3)There wasanear-normal growth inelectricity production of
8.0$ ,despite afall inthesupply ofprimary electricity
ofnearly 4$owing tosevere drought conditions which hit
hydro-electric production .
(4)Thesupply ofcrude oilandproducts rose by8.2%partly
reflecting thebuild-up ofstocks bysome 5million tons
inanticipation oftheOPEC price review inDecember .
(5)Indigenous crude oilproduction doubled from 11million
tons to22million tons ,i.e. equivalent to4$ofconsumption .
(6)Theoverall increase intheaverage f.o.b .costs ofcrude
oilimports wasoftheorder of^25-30perbarrel ,or
2.5-3$.C.i.f .costs increased rather more because ofa
strengthening ofocean freights inthefinal quarter .
(7)Oilproduct prices atRotterdam rose bysome $9(10$)per
tononaverage ,mostly duetothe26$increase intheprice
ofheavy fuel oilwhich followed thereversal ofatwoyear
decline indemand .

-2-
(8)Natural gasproduction rose by5%and .imports by36$ .
(9)Coal production fell byabout 4%toalevel of223million
t.c.e .,reflecting principally falling productivity inthe
U.K. andshort-time working inGermany inresponse to
market conditions .Coal imports at42million tons were
slightly higher than in1975 *
(10)Increases incosts ofproduction pertonofcoal exceeded
therise inreceipts with theexception ofGermany where
the reverse was the case .
(11)Hard coalconsumption rose byabout 6$reaching 265million
t.c.e .Whereas demand from the steel industry rose far
less than wasexpected ,coal requirements forelectricity
generation reached thehighest level since 1969 *Rises
inthe list prices ofCommunity coals have been
progressively slackening .
(12)Whereas producers *coal stocks rose only slightly in1976 ,
producers' coke stocks rose bysome 5million tons or38% >
reflecting adverse demand conditions .
(13)Theproduction ofnuclear electricity rose by11%.
(14)Additional nuclear capacity reached only 3»50O MWe ,instead
of7,000 MWe asplanned ,owing totechnical problems and
delays .
(15)Themarket fornatural uranium wascharacterised bya
relative scarcity oftransactions andbyacontinuing rise
inprices .
1977
(1)Theeconomic outlook for1977 ismost uncertain .A
possible rate ofgrowth intheCommunity 'sreal gross
domestic product of3"g$could lead toarise inenergy
consumption ofthe same order .
(2)Thevariations ininland consumption ofthemain primary
energy sources areestimated tobeapproximately :
1977 /76
Per cent
Oil +1.0
Solid Paels 0
Natural Gas +10.0 (reflecting
increased availability )

-3-
(3)Electricity production isexpected torise by6.5/<>•In
particular fthesupply ofprimary electricity is
estimated togrow by25per cent asaresult ofincreased
nuclear availability andarevival ofhydro-electric
production (ontheassumption of'normal *climatic
conditions .)
(4)Indigenous crude oilproduction isexpected toreach at
least 44million tons which ,after also allowing for
drawing onstocks ,should make possible areduction in
crude oilimports of5%•
(5)Theproportion ofSaudi Arabian crudes inCommunity
imports islikely toincrease following therelatively
small increase intheir prices andthetemporary lifting
ofproduction ceilings .Nomajor quality change is
likely ,however ,because increased exports ofSaudi medium
andheavy crudes will beattheexpense mainly ofsimilar
Iranian and Kuwaiti material .
(6)Asmall overall growth inoildemand isexpected ,the, .
anticipated increase inenergy consumption being metlargely
bynatural gasandprimary electricity .Theimpact ofthe
0.P.E.C. "two-tier "price increase onoilprices and
consumption will probably bedelayed ,because ofhigh
crude andproduct stocks ,until thesecond half-year .
(7)Natural gasproduction isestimated togrow by3.5$ .
Imports ofnatural gasareexpected torise significantly
to250thousand Teal (14^thousand Teal in1976 ).
(8)Coal output for1977 isexpected toreach 230million
t.c.e .,slightly above that of1976 .Imports could still
reach ,ifnotexceed ,46million tons .
(9)Nomarked changes areexpected in1977 inthelevel of
investment inthecoal industry intheU.K. andFrance
butreduced investment isforeseen inGermany and
particularly inBelgium .
(10)Coal consumption islikely toremain atabout thesame
level asin1976 .Inthelight ofthemarket situation ,
there isnoscope forprice increases ofCommunity coal .
(11)Nuclear capacity should reach 24,600 MWe ,with a
production ofelectrical energy between 110and 120TWh ,
1.e .approximately 10%oftotal electricity production .

The Economic Situation
Since themiddle of1976 ,therecovery ineconomic
activity intheCommunity hasdistinctly weakened .In
most Member States both foreign andhome demand have lost
momentum . for1976 asawhole theCommunity 's
real gross domestic product rose byabout 4l?$ ,compared
with afall of2.3$ in1975 *Therecovery hasonly made
limited inroads into thesubstantial spare capacity
available and has atbest checked the downward trend in
total employment .Industrial production inthe
Community in1976 isestimated tohave risen byabout
•Theproduction ofbasic andconsumer goods made
themost important contribution totherecovery of
industrial activity ,while theoutput ofinvestment
goods hasremained flat .Therise inconsumer prices
in1976 asawhole seemed likely toexceed 10%forthe
Community onaverage ,against 1 in1975 *Onthe
external side ,theCommunity 'strade balance deteriorated
strongly until theautumn .
Theoutlook for1977 ismost uncertain .Disparities in
thesituation from onecountry toanother -aggravated by
the different sensitivities tothe recent increase in
theprice ofoil-arebound torestrain therate of
economic growth fortheCommunity asawhole .However ,
totheextent that thestabilization policies undertaken
bytheMember States indeficit bring positive results
andthat thetrend ofeconomic activity continues to
improve inthesurplus countries ,both within and
outside theCommunity ,then therate ofgrowth ofthe
real gross domestic product oftheCommunity should be
about 3g$in 1977 *Thelabour market will beallthe
more affected bytheweakness ofthis expansion ,since
itwill belargely due ,inmost Member States ,to
insufficient business investment .There issome reason
toexpect aslowing ininflation andanimprovement of
theexternal account ,especially ifthecountries which
meet thegreatest difficulties inthis respect manage to
make substantial progress during theyear .

-5-
III.TheDemandforEnergy
TheeconomicrecoverywithintheCommunityin1976
resultedinagrowthinenergydemandofabout5«0per
centascomparedwithadeclineofthesameorderinthe
previousyear.Theinlandconsumptionofoilroseby
5»5percentandthatofcoalby5*0percent;the
demandfornaturalgas,whichwasavailableinincreased
quantityandstillshowedsomepriceadvantages,
increasedby7»5percent.Ontheotherhand,the
supplyofprimaryelectricityfellbynearly4percent
asaresultofseveredroughtconditions whichhit
hydroelectric production.
Totalinlandconsumptionofenergyin1976reached$08
milliontonsofoilequivalent(m.t.o.e.),stillbelow
thelevelofCommunityconsumptionin1973(936m.t.o.e.)
Thedemandforoilreachedabout502gn.toe,equivalentto
justover55percentoftotalenergyconsumption .The
consumptionofcoalandlignite,whilstrisingto
204m.toe,accountedforthesamepercentageshareofthe
energymarket,22.5percent,asinthepreviousyear.
Naturalgasat153m.toeincreaseditssharefurtherto
about17percentoftotalenergydemand.Theshareof
primaryelectricityinthetotalmarketfellfrom6.0
percentin1975"to5»0percentin1976,reflectingthe
declineinhydro-electric production.
Theslowingdowninthepaceofeconomicrecovery
expectedfor1977suggestsamorerestrainedrateof
growthinenergyconsumptionestimatedat3.5percent
fortheyear.Asustainedeffortofenergyconservation
willberequiredtolimitgrowthtothisorder.
Consumptionoftheprincipalfuels,oilandcoal,is
expectedtobeatsimilarlevelstothatof1976.
However,theconsumptionofnaturalgasisexpectedto
risebynearly10percent,reflectingincreased
availability .Thesupplyofprimaryelectricityis
estimatedtogrowby25percentasaresultof
increasednuclearavailability andarevivalofhydro­electricproduction (ontheassumptionof•normal*
climaticconditions).
*SeeAnnexe1forrelevantstatistics

-6-
IV.TheMarketSituation and.Outlook
A.Petroleum
1.Supply
(a)Thesupplyofcrudeoiland.productstotheCommunityin
1976isestimatedtohaveincreased "by8.2$over1975»a
considerably higherrateofincreasethantheestimated
5.0%riseinconsumption.Thisdifferencereflectsthe
build–upofstocksofcrudeoilandproductsbysome5
milliontons(M.t)inanticipationoftheOPECprice
reviewinDecember.Indigenouscrudeoilproduction
doubledfrom11M.tto22M.t.fequivalentto4%of
consumption,whilecrudeoilimportsroseby31M.t.or
6.jfo.In1977Communityproductionisexpectedtoreach
atleast44M.t.which,afterallowingforstockchanges,
willmakepossibleareductionincrudeoilimportsto
about480M.t.,afigureof5i°lowerthan1976.
Thebalanceofexternaltradeinoilproductsisthought
tohavechangedlittlein1976fromthedeficitin1975
ofabout5.5M.t.(whichcomparedwithsurpluses23M.t.
in1973and12M.t.in1974)andnomajorchangeis
foreseenfor1977^LikelyimprovementinItaly*s
externaltradewillbeoffsetbythereductionofexports
totheScandinavian countries.
Table1
EECSupply/Demand1975-1977 (Millionsoftons)
ISupply 1976 1912
ICrudeProduction 11 22 44
IImports:Crude 480-16.5%511+6.5%480-6.1$
IProducts(net)6–5
ITotalSupply 497-I3.4/0538+8.2%528-l.9fl
IStockIncrease/(Decrease)(11) 5(12)
Consumption
I-total 508-8.0%533+4.97°540+i.iiï
I-Excludingblankers.477 500 507
I-Excludingbunkersown-
useandloss 443 472 475

-7-
There were appreciable changes during 1976 inthe
composition ofcrude oilimports into theCommunity as
refiners adapted their operations tothelighter
structure ofproduct demand .Theproportion ofheavier
crudes imported continued todecline ,most conspicuously
Kuwait (31°API)which wasalittle more than 5%of
EECimports inJan/June 1976 compared with 8%inthe
same period 1975 *Imports ofAfrican crude inthesame
half–years rose from 18.5% toabout 22%.There were
also significant increases inpurchases from Eastern
Bloc countries and from Norway .Saudi Arabian crudes
which were exported toUSAinsharply rising quantities ,
declined slightly intheEECcrude stream from about
26.5% toclose to26%.Thepromised additional
exports ofSaudi medium andheavy crudes in1977 are
unlikely toaffect significantly theaverage quality of
EECimports since they will displace similar Iranian
and Kuwaiti crude oils .
Inspite ofthegrowth indemand forOPEC exports "bysome
12%in1976 ,andtheexpected further increase in1977 »
OPEC 'scrude production capacity ,asdefined "bythe
technical andconservation ceilings setbyindividual
producers ,should beadequate tocover consumption in
1977 a-nd some years thereafter .From late 1977
Alaskan production should ,foraperiod ofperhaps two
years ,keep U.S. import demand from growing beyond the
estimated 1977 figure ofabout 8million "barrels aday .
Direct sales byproducers (tobuyers other than former
concession holders )rose markedly in1976 .Both Iran
andKuwait reported direct sales exceeding 1million
b/d,andforOPEC asawhole thetotal appears tohave
been oftheorder of5million b/d.Theobjective
announced byOPEC for1977 isone-third oftotal
production i.e. about 10million b/d.
(b) North Seaoil–U.K.sector
Inaddition totheArgyll andForties fields already
producing inlate 1975 »five newfields came on-stream
during 1976 .Production in1976 ,officially estimated
inApril as15-20million tonnes ,isnowlikely to
turn out atabout 13million tonnes .Itisbelow the
lower end ofthe bracket because ofsome down-time on
oneoftheForties platforms anddelays instarting
production inseveral other fields .There are said to
beanother seven fields waiting tocome on-stream ,two
in1977 andafurther five in1978 .There seems no
reason todoubt that the official estimates of

-8-
production will "bereached ,i.e. 35-45million tonnes in
1977 and55-70million tonnes in1978 *"butthelower
figure ismore probable for1977 *Theaward forthe fifth
licensing round wasannounced 9thFeb .1977 ,offers of
licenses being made inrespect of44blocks toatotal of
65companies .
Norwegian sector
Oilproduction from theNorwegian sector in1976 was 14
million tonnes ,allfrom theEkofisk fields .Estimated
production from Ekofisk in1977 is21/23million tonnes
and itshould rise toamaximum of30million tonnes in
I9B0 .Itwill besupplemented from 1979 byoilproduction
from theNorwegian sector ofStatf jord ,with gasproduction
following in1983 .Maximum production ofoilandgasfrom
all ^Norwegian fields isnowexpected tolevel out atabout
70million tonnes inthemidtolate *80*s,ofwhich 45
million tonnes should beoil .
(c)Crude OilPrices
Although OPEC ,attheBali meeting inMay1976 ,decided
against anygeneral increase intheofficial crude oil
prices ,members were given greater discretion torevise
quality differentials (inrelation toArabian Light )to
reflect market realities ,andthere were infact in1976
substantial increases inthecontract prices ofsome ofthe
lighter crude oils instrong demand and ,conversely ,
reductions inthose ofanumber ofimportant heavier crude
oils ,including Iranian Medium /Heavy andKuwait .Bythe
year–enddifferentials between light andheavy crudes had
widened byasmuch as/50-/60barrel insome cases .
Apart from these adjustments toquality differentials ,spot
market prices ,andofficial prices when contract terms
permitted ,responded tothesharp increase inliftings
which occurred inthemonths before theDecember OPEC price
review .
Asaresult ofhigher demand andofthehigher proportion
andprice ofthelighter crudes ,there wasanoverall
increase intheaverage f.o.b .costs ofcrude oilimported
into theCommunity oftheorder of/25-30perbarrel ,or
2.5-3$.C.i.f .costs increased rather more because of
thestrengthening ofocean freights inthe last quarter .
For 1977 itistobeexpected that theprices ofheavier
crude oilwill strengthen somewhat asaresult ofthe
recovery inworld fuel oildemand andparticularly in
imports bytheU.S.A.

-9-
AttheOPEC conference atDoha (Qatar )on17December 1976 ,
eleven ofthethirteen members oftheorganisation decided
toraise crude oilprices by10%on1January andanother
5i°on1July 1977 *Saudi Arabia andtheUnited Arab
Etairates decided tolimit theincrement toonly 5i°for "the
whole of1977 .The real impact ofthese "two-tier "crude
oilprices ontheEECeconomy will depend oneach Member
State 'ssupply pattern ,thelatter probably being affected
bytheSaudi decision temporarily tolift restrictions on
production . Inthe1sthalf of1976 ,33.0% oftotal EEC
imports were supplied bySaudi Arabia andtheQnirates ,
60.0% bytheother OPEC members and7%bynon-OPEC
producers .
2. Marine
Ocean freight rates ,particularly those forvery large
crude carriers (VLCC 's–over 160,000 DWT)remained
generally depressed .Theconsiderable increase incrude
oilshipments had little effect upon theunderlying trend
because ofthecontinuing very large surplus capacity
available .InSeptember VLCC spot rates forthevoyage #
Persian Gulf-North West Europe (U.K.C. )were about WS25,
little different from January /February inspite ofa
short-lived improvement inMay .During the last quarter ,
however ,spot freight rates responded toincreased crude
oillifting inanticipation oftheOPEC price review and
reached WS35forPG-UKC ,or//75/bhl.Acorresponding
fall inrates istobeexpected intheearly months of
1977 ascrude oildemand declines from theexceptional
level oflast quarter 1976 .
Similar conditions ofheavy excess capacity must before­
seen for1977 *Towards theyear-end therising volume of
North Sea ,andprobably Aiaskan ,production aswell asof
transfers tothe East Mediterranean bypipelines and
through theSuez Canal ,will further shift demand from the
VLCC category towards smaller vessels more suited toshort -
haul operation .
3. Demand
(a)Consumption ofproducts onInland Markets
Thegeneral situation oftheCommunity oilmarket in1976
wasofarather uncertain anduneven growth indemand of
which part wasattributable toexceptional seasonal
factors .Inland consumption ofoilproducts inthe
Community isestimated tohave risen byabout 6.5%in
1976 to472million tons (8$below thelevel of1973 ).
Ofthis increase ,whichvaried greatly from quarter to
*Persian Gulf-United Kingdom /Continent *World Scale J?ef .

-0-
quarter,thegreaterpart,perhaps4%,wasduetothe
recoveryofeconomicactivityinsomeMemberStates;the
remaininggrowthwasduetorelativelysevereweather
conditions,andtotheincreaseduseoffueloilinpower
stationsinPranceandItalytomakegoodthereductionin
hydro-electric production (owingtodroughtconditions).
GrowthtrendsdifferedgreatlybetweenMemberStates,from
anaverageof9-10%inGermany,Pranceandthe
Netherlands ,wheretherecoveryinnaphthaandfueloil
demandwasverymarked,toaroundzerofortheU.K.and
Italy,wheretheconsumptionofindustrialfuelsandfeed­
stockswaslittlechangedfrom1975*
Theprospectfor1977isofasmalloverallgrowthinoil
demand,theanticipatedincreaseinenergyconsumption
beingmetlargelyby-naturalgasandnuclearpower.The
consequentdisplacement ofgasoilandfueloilwillcause
afurthershiftinproductconposition towardsthelighter
products,reducingtheshareoffueloiltoabout30.3%
from33.1%in1973:
Table2
EEC:InlandConsumption byProductGroups1973L-7
I(excl.bunkers&refineryownuse/loss)
IProduct!1973 19751976(est.)1977(est.)
M.t%M.t%M.t%M.t%
IMogas 71.613.972.416.376.0,,16.1
l79.016.6
JNaphtha 8.132.1Jbl36.0!_L£39.08.2
113.322.0104.523.6112.023.7118.024.8
Jm.Distillates 193.737.5171.638.7182.038.6180.037.9
iResidualfuel171.233.1140.431.7147.031.1146.030.7
lOther 38.17.426.66.031.06.631.06.6
Total 516.3100.0443.1100.0472.0
i100.0475.0100.0
I !

-11-
("b)Product Prices
During 1976 average spot prices atRotterdam (weighted by
theproduct yield onprimary distillation ofArabian
Light crude oil)rose by$9toreach $95pertonin
December ,roughly equal tothec.i.f .cost ofthecrude
andprocessing .
Table 3
I Mean Rotterdam Barge Prices 1975 -6(3M.t.)
Dec .1975 June 1976 Oct .1976 Dec .1976
JMotor Gasoline Premium 138 163 148 145
J Regular 131 143 137 134
INaphtha 129 134 125 124
Kerosxne 125 119 123 124
Gasoil 105 106 111 112
Fuel Oil 3.5% S. 58 64 71ILJ
Average (weighted by
crude yield )86.0 92.4 94.4 95.0
Byfarthelargest increase wasinfuel oilprices which rose
from thevery depressed level ofend1975 hynoless than 26$,
inresponse totheupturn indomestic and export demand after
twoyears ofdecline .
Although seasonal demand should sustain theprices offuel oil
andgasoil inearly 1977 »product prices generally arelikely to
bedepressed forsome months atleast bythelarge stocks of
crude oilandproducts built upbefore theDecember OPEC price
review .Provided theeconomic recovery continues ,however ,the
growing U.S. andJapanese demand forfinished product imports ,
should ensure arising trend ininternational prices ,andhence
intheCommunity 'sinternal prices ,inspite ofthelack of
growth foreseen inEECoilconsumption .

-12-
NaturalGas
NaturalGasSupply
Production andreserves
Communityproductionin1976fellshortofDecember1975
forecastsby3i°butrepresenteda5%increaseover1975
actualproduction .
Thefollowingtablecomparesactual1975productionwith
1976estimatesand1977forecasts.
Table4
NaturalGasProduction-1975•1976and1977
inthousandTeal(GCV)i
19751976*1977**1976/751977/76
Germany
France
Italy
Netherlands
UnitedKingdom
Belgium160.0
68.6
133.4
763.2
340.5
0.4161.9
65.8^
143-.3
806.7
365.3
0.3I67.0
68.0
130.0
840.0
390.0+1.1
-4.1
+7.4
+5.7
+7.3+3.1
+3.3
-9.3
+4.1
+6.8
Community 1466.11543.2 1595.0 +5.3+3.4
*Approx.figures **forecasts
$ThefigureforFranceis4%belowtheoriginal1976forecast.
Thishoweverisdue,nottoanyretrogradedevelopmentin
productioncapability,buttoaprolongedstrikeofproduction
workersintheLacqprovince.
ApartfromtheFrenchsituation,allMemberStateshave
increasedtheirproductionbut,exceptinItalyandthe
U.K.,theincreasesare notaslargeashadbeenplanned.
ForItalytheincreaseisgreaterthanplannedbut,in
thiscontext,Italyisaratherspecialcase.Many
Italiangasfieldsarenotinregularproductionbut_B.
1.
(a)

-13-
areeffectively used asstorage .Because ofthis ,
considerable reserve capacity isavailable .Itseems
possible that some additional production from these
fields mayhave proved necessary .The exact reasons
forthehigh level ofproduction shown will only
become apparent when final data for1976 become
available .Itissufficient therefore ,atpresent ,to
record that for1977 theproduction level isexpected to
drop back towards the 1975 level .
Thelarger than planned increase inU.K. production
reflects themeeting ofdemand growth with nonew
import projects yetcoming into operation .
The lower than planned increases inother Member States
reflects thearrival ofnew contractual imports into
markets where recession hasundoubtedly depressed demand
tosome degree andthegrowth inindigenous production
has therefore been limited .
Proven Reserves atl/l/76stood at3,705»400 million m^,
sufficient tosupply at1975 levels for 21years .
Probable reserves could addafurther 1,200,000 million
m,while possible estimates could increase availabililies
still further ,ifsatisfactory systems forcommercialising
associated gasaredeveloped .
(b) Imports
Asmentioned above ,imports have increased considerably
since 1975 *Thedevelopment fortheCommunity asawhole
isshown inthefollowing table (inthousand ofTeal ).
Actual Estimate Forecasts
1975 1976 1977 1978
102.3 141.7 250.0 350.0
Ifthe1978 forecast isachieved ,between 17and18/fcof
allnatural gassupplies will beimported .
Considerable diversification isexpected with supplies
originating from :USSR ,Norway ,Iran (viaUSSR ),Algeria
andLibya . Already this diversity ofsupply isbeing
used ,through exchange deals ,tohelp intheoptimization
oftransmission systems and tomaximize overall supply
security .
2. Demand
Despite therecession inMember State economies and
drop inconsumption levels forother fuels ,natural
demand hascontinued togrow even ifnot asfast asthe
gas
in

-14-
previousperiods.Itshouldalsobenotedthatprices
havebeenprogressively revisedupwardsalthoughnotto
quitetheextentexperiencedinotherenergysectors.
Althoughformanyusers,gasstillgivesaprice
advantage,itisprobablethatconversion fromother
formsofenergytogashasbeensloweddownbythe
generaleconomicclimateinwhichallformsofcapital
investmenthaveprovedmoredifficulttoundertake.
Consequently ,forthefuture,aseconomiesclimboutof
recession,gasdemandcanbeexpectedtoincreaseboth
inlinewithnormaldemandgrowthandthroughanincrease
inuserconversions fromotherfuels.Thesectorial
breakdownofdemandisshowninthefollowingtable
(inthousandsofTeals).
Table5
Actual H/3X•forecasti<>ofChange
1975197619771976/751977/76
Totaldemandof155216651825+7.3+9.6I
which:-
domestic 54658O640+6.2+10.3
Powerstations 349345360-1.1+4.3
industry* 515555635+7.8+14.4
*Excludingnonenergyuseinthechemicalindustry

-la-
C.Coal
1.CoalSupply
(a)Production
Table6
CommunityCoalProduction
(in1000Tce)
1975
Actual1976
Ests.1977
ForecastsChangein>
76/7577/76
Belgium 678866oO6580-2.7-0.3
Germany 936889060090000-3.3-0.7
Prance 204391990019000 !~2.6-4.5
Ireland 495050
UnitedKingdom116054]06200112500-8.5+53
Community 23702122335022813'0-5.8|+2.1
I I!!
Communitycoalproductionin1976wasabout223mtce
(248m.metrictons),adropofabout6%below1975*
Atthebeginningof1976,productionfortheyearhad
beenforecastataboutthesamelevelasthatfor1975
butthisturnedouttobeover-optimistic .
ThelargestshortfallagainstforecastswasintheUK,
whereitwas6%,whereasitaveraged2$intheother
coalproducingmembercountries.ThedropinUK
outputagainstthepreviousyearwouldhavebeenlarger
butforanincreaseinopencastandsmallprivate
licensedmineproduction.InthecaseofGermany,
short-timeworkinginresponsetomarketconditions was
thelargestfactorinthedropinoutput,whileinthe
UK,itwasmainlyconnectedwithfallingproductivity .
CurrentplansforCommunitycoaloutputfor1977arethat
thiswillbeslightlyabovethatof1976andamountto
around231mtce.

-16-
Imports from Third Countries
Contrary toexpectations ,1976 didnot seeareversal of
therising import trend registered during theprevious
twoyears .Total imports from third countries in1976
amounted toabout 42.mt,compared to41mttheyear
"before andtoabout 30mtin1973 «Imports areexpected
torise farther in1977 tobetween 46and49mt.
2. Production Costs ,Receipts and Investment
(a)Production Costs andReceipts
Whereas in1975 »increases incosts ofproduction perton
were amply exceeded byrising receipts inBelgium ,
Germany andtheUKandabout matched inPrance ,the
situation developed differently in1976 -during that
year ,therise inreceipts again exceeded increases in
costs only inGermany whereas thereverse was thecase
inthethree other main producing member countries .
Asduring theprevious twoyears ,production costs per
ton interms ofnational currencies rose faster inthe
UKin1976 than intheother coal producing member
countries .However ,tocompare production costs atany
given moment between member countries ,theUKfigures
require adjustment inthe light ofthe depreciation
ofsterling against thecurrencies oftheother coal
producers .
Making dueallowance forthedifficulties inherent in
determining andcomparing true costs ofproduction ,it
can ,nevertheless ,beestablished that costs of
production ofGennan coking coal make this broadly
competitive with coal ofcomparable quality from outside
the Community and that aproportion ofBritish steam
coal forelectricity generation iscompetitive with
other fuels including third country coal .
(b)Investment
In1976 ,theUKmaintained itslead ininvestment
relative tocurrent output at2.8u.a .perton ,
followed byGermany with 2.1u.a .pertonandbyPrance
andBelgium at1.9u.a .per ton .Total investment
during theyear amounted to596m.u.a .
Current forecasts for1977 arethat there will beno
drastic changes intheUKandPrance but that reduced
investment istobeexpected inGermany and ,
particularly ,inBelgium .

-17-
ThehighlevelofinvestmentintheUKcoalindustry
mirrorsthatcountry*sfaithinthepossibilityof
exploitingitslarge,geologically favouredcoal
resources ontermswhichwillcontinuetomakeit
attractivetothepowerstationmarketintothenext
decadeandbeyond.Ontheotherhand,investmentinthe
Germancoalindustry,mainlyintheRuhr,inFrance,
largelyinLorraineandintheCampinecoalfieldin
Belgium,isbasedontheexpectationoflong-termdemand
forgoodcokingcoalatcommensurate prices.
3.Prices
Sincethelargepriceincreasesin1974»risesinthe
listpricesofCommunitycoalshavebeenprogressively
slackening.InGermany,theyremainedstablein1976
andcertaindecreaseshavebeenpublishedinFrance.
Annexes3and4showpricemovementsofselective
comparablequalitiesofcoalfromvariousCommunity
coalfieldsfromJanuary1976toJanuary1977»thefirst
innationalcurrenciesandthesecondinUS$to
facilitatecomparisons withpricesofotherformsof
energy.
ThemediumpricecifARAforthirdcountrycokingcoal,
theso-calledindicativepricecalculatedbythe
Commission,reachedapeakof$63.80permetricton
inOctober1975*Sincethenithasremainedpractically
unchangedaround$63foratotalquantityofabout14mt,
althoughsomeimportershavebeenabletosecurecoking
coalinthespotmarketatcifpricesofaround$50.
Electricitygeneratingundertakings havebeenableto
importthirdcountrysteamcoalatcifpricesofaround
$30to$33perteethroughoutmostof1976,butwitha
tendencytoariseofabout$5a"t"theendoftheyear.
InthelightofthesituationontheCommunitycoal
market,thereisnoscopeforpriceincreasesof
Communitycoalbuttheriseof$5inthecifpriceof
thirdcountrysteamcoalapparentattheendof1976may
beaprecursortofartherincreases.
4.Demand
(a)CoalandCoke
In1976,coalconsumptionroseto265mtcecomparedto
250mtcein1975•However,therewerecontradictory
developments :therequirements ofthesteelindustry
recoveredbymuchlessthanhadbeenexpected,whereas
coalconsumptionforelectricitygenerationfar

-18-
exceeded forecasts andreached itshighest level since
1969 .
Table 7
Coal Consumption inthe Community "bySectors
1975
Actual1976
Est .1977
Forecasts1976/75
1"1977/76
Coke-ovens 102 755 100 000 100 40)0 -2.7 +-04
Thermal power
stations 100766 120885 119900+20Jj -0.8
Iron and steel
industry 2674 2865 2950 +■7.1 +3.0
Other industries 11260 12010 11800 +6.7 -1.8
Domestic heating 21333 20730 19125 -4.6 -7.7
Briquettes 6204 5250 5035 -15.4 -4.1
Gasworks 1830 1370 | 1265 -25.1 -7.7
Consumption for
production 2520 2015 1975 -20.Θ -2.0
Others 538 250 235 -53.5 -6.0
TOTAL 250 280 265375262685 +6.0 -1.0
In1975 "thesteel industry suffered itsmost severe
world-wide recession in30years ,followed bysome
recovery in1976 .However ,this proved weaker than
hadappeared initially because therevival inconsumer
demand in1976 didnotlead toacomparable rise in
investment incapital goods andtheCommunity 's
exports ofsteel andcapital goods fared less well than
those ofsome other countries ,notably Japan .
While steel production inallmember countries in1976
showed anincrease over theprevious year ,this was
below expectations except inItaly andtheUnited
Kingdom ,butagainst this must besetsubstantial
shortfalls inGermany ,Belgium andLuxembourg .Asa
result ,total steel production in1976 wasbelow 135m"t,
arise ofonly 10mtover 1975 •Theforecast for

-19-
steel production in1977 isbetween 138and139 and
forpigiron around 98nrt.
Twofactors combine tomake coke production highly
inelastic inresponse todemand :thetechnical
impossibility ofextinguishing andthen relighting coke
batteries without largely rebuilding them andthe fact
that coke isless liable 1dlose itsdesired metallurgical
properties during storage than coal .Asaresult ,
fluctuations indemand arereflected toavery much
greater extent influctuating coke stocks than incoke
production .In1976 ,metallurgical coke production (some
ofitputtostock )required about 101mtofcoal anda
roughly similar requirement isexpected for1977 *
Coal consumption forelectricity generation in1976 was
121mtce ,arise of20%over previous years .This
spectacular increase wasdue toacombination ofdiverse
causes ,themost important ofwhich were some degree of
economic revival ,relatively high fuel oilprices ,a
shortage ofwater forhydro-electric generation and
governmental measures .
Although arepetition oflast year*s shortage ofwater
forhydro-electric generation isunlikely ,itis
expected that coal consumption bypower stations will
even beslightly higher in1977 *Thereasons arethat
theother factors operating last year which ledtothe
rise inpower station coal consumption areofamore
than transitory nature andwill bereinforced by
deliberate policies .
(b) Lignite andPeat Demand
In1976 ,lignite andpeat consumption bypower stations ,
mostly lignite intheCologne /Aachen area ofGermany ,was
about 35.6mtce compared toalittle over 32mtce the
previous year . This development exceeded forecasts by
close on2.0mt ,andconsumption ofthesame order of
magnitude isexpected again for1977 «
5. Coal and Coke Stocks
Producers *coal stocks increased only slightly in1976 .
However ,forthereasons indicated ,producers *stocks
ofcoke rose bysome 5nitor41% .
Coal stocks with electricity producers ,animportant
factor intheCommunity *ssecurity ofenergy supplies ,
stood ataround 35®tattheendof1976 .Averaged over
thewhole Community (although ,infact ,they were unevenly
distributed ),these represented about 4months *supplies
atlast year 'srate ofconsumption .

-20-
D.Electricity
1.Electricity supply
In1976,theCommunityused1100TWhofelectricity,representingalmostentirelyindigenousproduction (net
importsfromthirdcountriescontributed 1%).
TherewasaneaiwiormalgrowthrateofQ.0%inproduction
over1975»theyearinwhichanexceptional dropby
1.7fohadbeenregistered.Ontheotherhand,net
importswhichtendtoreflectthehydrological conditions
inneighbouring thirdcountriesandvariationsintheir
inlanddemand,fellfrom15TWhin1975to4TWhin
1976.
Ontheproductionside,everyCommunitycountrywasable
tomarkacertainproductiongrowthin1976(from
between1.9$U.K.andl4»9$B)»whereasin1975pro­
ductionhadfallenoffineachofthem(frombetween-0.4%,U.K.and-4%»Bjthedeclineof28.6$in
Luxembourg waschieflyexplainedbyquitedifferent
reasons,likethegrowthofelectricityimports).
In1977»withimportsataboutthesamelevel,productionisexpectedtoriseby6.5$torathermorethanl,l8oTWh.
(a)Hydroelectricit.y
ThechangeintheCommunity'shydroelectric production
fromnaturalflow(i.e.excludingpumpedstorage)in
recentyearsreflectsalmostexclusivelythevariations
inhydrological conditions.Thusthedrought
experiencedin1976causedgrosshydroelectric production
fromnaturalflowtofallbackto107TVih;
the1977forecast,basedonlong-termaveragehydro
conditions,is122TWh,whichvirtuallycorrespondsto
the1975level.Inaddition,6.0TWhofsecondary
productionwerederivedin1976frompumpedstorage,after
alowof5.2TWhin1975fandnewcapacityadditionsare
expectedtoleadtoaproductionof7«2TWhbypumped-
storagestationsin1977*
(b)NuclearEnergy .
During1976the/productionofnuclearelectricity reached
86TWh,representing anincreaseof11%abovethe
previousyear.Theadditionalcapacityofthenuclear
parkwithintheCommunityreachedonly3500MWe(instead
of7000MWe),certainplantsnothavingbeencompleted
withintheexpectedperiodowingtotechnicalproblems
anddelays.Thenewproductionplantscomprisethree
unitsinGermany(Neckar-Westheim,Biblis BandBrunsbuttel )

-21-
andoneunit ineach ofthe A.G.R.reactor plants inthe
U.K. (Hunterstone andHinkley Point ).Inthelatter
case ,this isthefirst advanced gasreactor putinto
operation intheU.K. andthree other plants ofthis
type areunder construction .
Theyear 1977 should seeatfirst thecoming into
operation ofunits which were tobeworking in1976 ,
representing almost 3000 MWej namely ,theplant atCaorso
(Italy ),another atPessenheim (France )aswell astwo
other A.G.R. units intheU.K. Additionally foreseen
arethecoming into operation ofonefurther unit at
Bugey andthesecond unit atPessenheim (Prance ),aswell
asthose atPhilippsburg,Unterweser,and Isar .(PRG).Their
addition within theforeseen period should bring total
installed nuclear capacity within the Community to
24,600 MWe ,andaproduction ofelectrical energy between
110and120TWh,that isapproximately 10/6oftotal
electricity production .
(c)Conventional Theraal Power Stations
Thefollowing table shows theestimates offuel consumed
inconventional power stations (including industrial
producers *ownplant )intheCommunity ,assuming normal
climatic andhydrological conditions in1977 .Figures
for1975 and1976 areadded forpurposes ofcomparison .
Table 8
Total Fuel Consumption ofConventional Power Stations
forGeneration ofElectricity andofCommercial Heat
1975 -1977 !Community
Million t.o.e !• 1 Per cent
l
1975
Actual1976
Est .1977
Forecasts 1975 1976 1977
Petroleum products
(non-gaseous )61.5 62.4 63.0 31.5 29.5 29.7
IHard coal 70.5 84.6 83.9 I36.1 39.9 39.6
ILignite andpeat 23.5 24.9 23.6 12.0 11.8
|11.2
INatural Gas 32.2 31.8 33.3 16.5 15.0
I15.7
Derivative gases
(andindustry ) 7.6 8.0 8.1 3.9 3.8 3.81
Ail Fuels 195.3 I211.7 (2ÏÏ.9 100.0 100.0 100.0

-22-
Whereasin1976,itwaschieflyhardcoal,tutalsoall
otherfuelsexceptnaturalgaswhichcontributed ,tothe
increaseinconventional thermalproductionover1975»
thegrowthforecastfor1977isexpectedtobecovered
chieflybynaturalgasand,toalowerextent,by
derivativegasesandotherproducts.Oilconsumptionfor
powergeneration,whilehavingincreasedagainin1976,
hasnotreached1974levelsandshouldremainroughly
stationaryin1977•
2.Demand
(a)ElectricityConsumption
Aftertwoyearsofrelativestagnationorslightlyfalling
consumers'demandforelectricity (+2.1%in1974and-1.3%in1975againsttheprecedingyear),therecovery
in1976hasledtoa7£>'%growth;alevelof
growthof5.°%isforecastfor1977.
Overalldemandin1976reachedalevelwellabove
thatof1974.Thiswasreflectedintheindustrialsector
inparticular,whereabigreductionof6.6%in1975»wa-s
entirelyoffset. Consumption bythedomestic
andservicessector(+4*4%in1975)ontheotherhand,
appearstohavebeenlessaffectedbytheeconomic
recessionandcontinuestoshowahighergrowthrate
(+7*5%expectedin1976)•thanthatofindustry.
ThisisthepicturefortheCommunityasawhole,despite
acontinuousslightdownwardtrendintheU.K.since1974,
duemostlytoconversions ofthermaldemandforoff–peak
electricitytonaturalgasandotherfuels,resulting
fromtariffchanges.
Table9
FinalConsumption ofElectricity inthe
Community
TWh Increase%
19751976
Est.1977
Pore-
casts1975/741976/751977/76
Industry
(excepttheenergy
sector)
Transport
Households ,commerce
handicrafts ,etc.423.8
23.7
'434.6453.0
24.0
467.0475.0
25.O
493.0-6.6
–0.6
+4.4+6.8
+1.3
+7.5+4.9
+4.2
+5.6
Total 882.1944.0993.0 ,-1.3+7.0+5.2

-23-
("b)Electricity Prices
Short-term information oneffective electricity prices
isscarce ,especially onaCommunity-wide basis .
However ,thedata received appertaining toindustrial
sales fortheperiod tomid-1976 ,generally show a
clear slowing-down ofprice increases ascompared with
the situation inthepreceding year .There are
examples where ,through ashift ofconsumption into
off-peak periods ,consumers have managed toobtain a
reduction inelectricity costs .
E. Nuclear Fuels
1. Natural uranium
Themarket fornatural uranium in1976 was
characterised byarelative scarcity oftransactions -
which were almost exclusively "spot "purchases -and
byacontinuing rise inprices .
This development reflected ontheonehand ,areticence
byuranium producers ,given theuncertainties relating
tothedevelopment ofnuclear programmes ,toinvest the
considerable capital required todevelop newmines ,ajid
ontheother hand ,toanexpectation byelectricity
producers who ,counting onareduction inthemarket
price ofnatural uranium ,delayed theconclusion of
long term supply agreements .
2. Uranium enrichment
During 1976 anewbody fortheenrichment ofuranium -
CSOREDIF –waslaunched ;this body ,like EURODIF ,will
use thegasdiffusion process .Work continues onthe
construction ofboth the EURODIF and URENCO plants ..
With regard totheprice ofseparation work units
supplied bytheUnited States ,theEnergy Research and
Development Agency (ERDA )announced onthe26th
February 1976 ,afurther price increase ofseparation
work units ,rising to$67.25 for"requirements type
contracts "asfrom 25th August 1976 ,andto$59*05 for
"fixed commitment contracts "asfrom 27th April 1976 ,
rising further to$61.30 asfrom 1stOctober ,1976 .

Table 1
Inland Consumption ofPrimary Energy inthe Community
1974 1975 1976 (est.) 1977 forecast
Mio toe 1o Mio toe % Mio toe/» Mio toe %
Hard coal
Lignite
Oil
Natural Gas
Primary Electricity
(&others )189.8
27.4
519.2
134.4
46.320.7
3.0
56.6
14.7
5.0167.1
26.6
476.4
142.2
52.019.3
3.1
55.1
16.5
6.0175.O
29.O
502.5
153*0
48.519.3
3.2
55.3
16.9
5.3177.0
27.0
507.0
168.0
61.0ÏO
2.9
53.9
17.9
6.5
Total 916.8 100.0 864.4 100.0
i908.0100.0940.0100.0
Table 2
Percentage Variations inG.D.P. and Energy Consumption
4-
I
1975 -1974 1976
(estim .)1977 -1976
forecast
Gross Domestic Product -2.4 +4.5 +3.5
Inland Consumption :
– Energy -5.7 +4.7 +3.5
- Oil -8.3 +5.5 +0.9
_ Solid Fuels -10.8 +5-3 0
- Maturai Gas +5.6 +7.6 +9.8
-Primary Electricity * j +12.5 -6.7 +25.'
*Production plus orminus imports and exports .

PRODUCTION BYSOMEOPECMEMBERS1973-6
Thousandsb/d
197319741975+%1976+%Oct/Dec.
76Dec.
76
SaudiArabia 759684807075-16.68580+21.39273 9188
Abu-Dhabi 130414101371-2.81592+16.11643 1649
S/Total 89OO98908446-14.610172+20.41091610837
Iran 586160225350-11.25883+10.06604 6630
Kuwait 302025462084-18.12150+3.22898 3333
Iraq 201819712262+14.82184-3.42833 3000
OtherMiddleEast116111441133-1.01260+11.21262 1285
TotalMiddleEast209602157319275-10.721649+12.324513 25085
AfricanOPEC
(Nigeria,Libya,
Algeria)53304785(
4283 1-10.5!
5032+11.75209 5350
I
JPEC 309893072927192-11.530462+12.033631 34413

Annexe3
ListedpitheadpricesforCommunitycoalat13January1976,1April1976and15Jan,1977
(innationalcurrencies/metrictons)
Categories Types Date RuhrAachenSaarBelgiumNorth
FranceLothringen South
WalesScottxshNorth|
Yorkshira
DM DM DMbfrsffrsffrs £ £ £
Anthracite Nuts3
20/30mm
1-ir"xi"15.1.1976
1.4.1976
15.1.1977219.00
219.00
219.003.125
3.125
3.450351.00
381.00
381.0029.77
34.20
34.20
Leancoal Nuts3
20/30mm
3.11
A.lA15.1.1976
1.4.1976
15.1.1977211.00
211.00
211.00205.00
205.00
20"5.002.970
2.970
3.3501Z25.39
29.13
29.13
Semi-
bituminousNuts4
10/20mm
0"-i"15.1.1976
1.4.1976
15.1.1977167.00
167.00
167.00181.00
181.00
181.002.390
2.39018.80
I
ILongFlame Nuts2
30/50mmli"-3/8"15.1.1976 I
1.4.1976
15.1.1977155.50
155.50
155.50176.00
176.00
176.002.450
2.450
2.450216.00
235-00
235-0019.3922.54
26.08
26.0819.49
22.05
22.05
)
!LongFlame Nuts5
6/l0mm
0"-1"15.1.1976
1.4.1976
15.1.1977157.50
157.50
157.501_173.00
173.00
173.002.450
2.450
2.450192.00(2)
209.00(3)
209.00(3)20.96
25.10
25.1017.52
19.98
19.98
■~S
CokingcoalMédiumor
high(4)
volatile15.1.1976
1.4.1976
15.1.1977165.50
165.50
165.50167.50
167.50
167.50180.00(4)
180.00
180.002.500
2.500
2.500360.00
320.00
320.00310.00(4)
338.00
338.0027.17(4)
33.27
33.2723.43(4;
27.07
27.0725.10
25.10
|
!Coke Blast
furnacei"40mm15.1.1976
1.4.1976
15.1.1977258.00
258.OO
258.00257.00
257.00
257.00286.00
286.00
286.003.700(1)
3.850
3.850530.00
48O.OO
480.00461.00
502.00
502.0048.87
57.23
57.2347.88
56.25^2547.39
55-76
55J6_
(l)Zeebruggelargegradedcoke
(2)Powerstations:232.90–241.56
(3)Powerstations:254*00–264.00
(4)Highivolatile

Annexe4
ListedpitheadpricesforCommunitycoalat15January1976.1April1976and15January1977(intpermetricton)(l)(2)
Categories Types Date Ruhr|Aachen
i
lSaarBelgium Nortï
FranceLothrin-
genSouth
WalesScottishNorth
Yprk-snireLowest
PricesHi^iest
RricesDiffer­
ence
Anthracite Nuts3
20/30mmiii4"J-A15.1.1976
1.4.1976
15.1.197783.52
86.73
93.5879.05
80.34
26^5578.37
81.47
77.3660.23
64.96
58.36I60.23
64.96
58.3683.52
86.73
96.55–iï
39
34
6SLeancoaiWuts3
20/30mm
Jji
A15.1.1976
1.4.1976
15.1.197780.47
83.56
90.1678.18
81.19
87.6075.13
76.35
2U551.37
55.33
49.7151.37
55.33
49.7180.47
83.56
91.7557
51
8qSemi-
bituminousNuts4
10/20mm
0-15.1.1976
1.4.1976
15.1.197763.69
66.14
71.3669.03
71.68
77.3460.46
61.4438.04 38.04
61.44
71.3669.03
71.68
77.345l
17
8
Long
flameNuts2
30/50mm
141-3/8"15.1.1976
1.4.1976
15.1.197759.31
61.58
66.4467.12
69.70
75.2061.98
62.99
68.5748.23
50.25
47.7239.2345.61
49.54
44.5039-43
41.88
37.6239.23
41.88
37.6267.12
69.70
75.2071
66
100
Long
flameNuts5
6/l0mm
0-1"15.1.197760.07
62.38
67.3065-98
68.52
73.92:61.98
62.99
68.5742.87(4;
44.69(5)
42.44(6)42.41
47.68
42.8335.45
37-95
34.0935-45
37-95
34.0965.98
68.52
73.9281
117
Cokmg
coalMédium
orhigh
volatile15.1.1976
1.4.1976
15.1.197763.12
65.54
70.7263.88
66.34
71.5768.65
71.29
76.91–1
63.24
■64.27
69.9680.38
68.43
64.9869-21(3)
72.28
68.23i3)
54.97
63.20
56.7747.41]
51.42
46.193)
43.02
47.68
42.8343.02
47.68
42.8380.38
72.28
76.9187
52
80
Coke Blast
furnace
•5"40mm15.1.1976
1.4.1976
15.1.197798.39
102.18
110.2498.01
IOI.78
109.82109.07
113.27
122.2193.60
98.98
107.75118.33
102.64
97.46102.93
107.35
101.9396.83
108.71
97.6598.88
IO6.85
95.9895.88
105.92
95.1493.60
98.98
95.14118.33
113.27
122.2126
14
28
1)Dollarexchangerate DMIndexB.frsIndexFFIndex£Index
2.622 10039.531004479100O.49100
»71077 2.525 9638.899846761040.52106
*y" 2.34 8935.73904924110O.58118
2)Pricesarenotadjustedforqualitydifferences
3)Highvolatile
4)Forpowerstations:52.00-53.932/metricton
5)Forpowerstations:54.31-56.45^/metricton
6)Forpowerstations:51.58-53.61^/metricton