Natural gas consumption in Europe fell by 13% in 2022. This is what the International Energy Agency’s report on the gas market indicates. It is specified that this figure was a record in the history of the application.
Record gas prices have led to an unprecedented reduction in demand for industrial gas, while warmer weather has put pressure on demand from gas distribution networks
– explained in the report.
At the same time, it is stated that the demand for industrial production decreased by 30 billion cubic meters. Gas distribution networks in Europe consumed 34 billion cubic meters less than a year earlier. Demand in the power generation sector fell a further 6 billion cubic meters.
As the International Energy Agency points out in the gas market, more than 40% of the reduction in annual demand occurred in the fourth quarter of 2022. It is during this period that gas consumption in Europe immediately drops by 20%.
At the same time, the agency’s analysts predict that this year gas demand in Europe will fall another 3%, explaining this figure by the expansion of the use of renewable energies and the greater availability of energy. nuclear in France.
However, if Russian gas supplies are completely cut off and competition for LNG in the global market intensifies, the reduction in demand could reach 8%.
warns the International Energy Agency.
