Brazilian LNG imports were stable in May, down just 0.4% from April, despite a 3.6% decline in hydropower reservoir levels across Brazil's principle electricity production and consumption region, Bentek Energy data shows.

Brazil imported 1,187,700 cubic meters of LNG (23.54 Bcf or 723.3 million cu m of gas) in May, down from 1,192,572 cu m in April, the Bentek data showed. Bentek is a unit of Platts.

In April and May, Brazilian imports of LNG pulled back from a record high reached in March at 1,504,459 cu m. The reduction in LNG imports came as reservoir levels recovered from 12-year lows, and as LNG prices saw a steep decline with the Platts JKM falling to $13.025/MMBtu in late May, compared to values at $15.60/MMBtu in early April.

Stored hydroelectric energy in the Southeast and Central-West, where more than 70% of Brazil's capacity is installed, declined over the same two-month period to an average 57,015 GWh (37.42% of capacity) from 59,131 GWh (38.77% of capacity), according to recent data from Brazil's National Electric System Operator.

The decline in Brazilian LNG imports was partially offset by an increase in pipeline gas imports from Bolivia, which averaged 1.16 Bcf/d in May, up 1.7% from 1.14 Bcf/d in April, according to Bolivian Ministry of Hydrocarbons and Energy data.

Brazil's total imported volume from Bolivia was 36.09 Bcf in May, up more than 5% from 34.36 Bcf in April.

Hydroelectric power accounts for upwards of 75% of Brazil's total domestic power generation, followed by gas, responsible for producing 8.5% of the total, according to Brazil's Ministry of Mines and Energy.