While crude oil intake dropped by 21.1% y/y to 6.0 million toe and coal use fell by 17.3% y/y to just 1.1 million toe, imports of petroleum products surged by nearly 20% y/y to 2.7 million toe.
Natural gas use increased by 2.7% y/y to 7.1 million toe, while imports rose by 10.8% y/y to 2.15 million toe as domestic production declined slightly, by 0.4% y/y, to 4.95 million toe.
On the electricity market, production increased by 3.1% y/y to 33.3 TWh, driven by a 48% y/y surge in solar power generation to 5.17 TWh and a 13.5% y/y rise in hydropower generation to 9.17 TWh.
Final consumption, in contrast, dropped by 4.0% y/y, improving the country’s external balance. Exports rose by 12.4% y/y to 10.5 TWh, while imports contracted by 6.3% y/y to 11.8 TWh.
The trade balance remained negative, and the terms of trade are unfavourable, as most exports are carried out during peak hours, when electricity prices are typically higher than during off-peak hours.