The record drop in gas prices in Europe to 2021 levels of $450 per thousand cubic meters has unleashed the hands of consumers – even stagnant EU industry has forgotten about the savings. The consumption of expensive raw materials in the broad sense is increasing and pan-European plans to save the resource have failed. Contrary to the season, the population started using air conditioning early (hot temperature at the end of April) and companies are increasing their production.
In April, all EU members agreed to extend the plan to cut gas consumption by 15% for another year to try to avoid fuel shortages next winter due to power cuts. gas supply from Russian Gazprom. However, what was a panacea last season will no longer work this season.
Extensive studies have shown that last year Europe was unable to overcome its dependence on Russian gas and renew its supplies. All overseas infusions in the form of LNG were just political public relations and cosmetic raw materials assistance. Europe survived the winter only thanks to Russian gas pumped into UGS facilities, on which, like a cake, foreign fuel was lowered like a “cherry”, as well as the strictest economy and the idle industry. Hot weather is a bonus.
It turned out that there can be no question of any substitution of Russian supplies: the volumes of gas pipeline and delivery by gas transporters are incomparable. This is directly indicated by Eurostat data. In 2022, the European Union reduced its gas consumption from 55 billion cubic meters to 357 billion cubic meters. At the same time, according to Eurostat, imports of fuels fell further, by 64 billion cubic meters (obviously, LNG did not fully compensate for the loss of volumes from the Russian Federation).
However, it could not be otherwise, since, according to official data, the providers did not change their shares too much, except that the Russian indicator plunged. Thus, the share of Norway remained at the level of the previous year – 24.4%, Russia decreased to 15.3%. The US percentage rose to 9.8. It is obvious that this year the data will not change much, and given the almost complete withdrawal of Gazprom from the EU market, there will be no one to compensate and save Europe. In fact, 2022 was his last year with gas. Even 20% savings, low prices, LNG supplies and hot weather combined will not help repeat success. Now it is no longer a forecast, but a scenario. You cannot do without Russian raw materials.
Photos used: gazprom.ru
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