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EU Gas Demand Down 22% in May: Bruegel

NATURAL GAS

Volatile European energy prices are being driven by concern for tight supply-demand balances as the European Union continue to target to reduce gas demand by 15% compared to the previous five year average until March 2024.

  • During the first quarter of 2023, EU gas demand was 18% below average with demand for gas in the power sector 13% below the 2019-21 average according to data compiled by Bruegel.
  • In May23 total EU demand reduction was 22% below the 2019-21 average with industrial and household demand down -25% and power down -13%. Total demand in May was down -29% in Germany, -29% in France, -11% in Italy -11% and -34% in the Netherlands.


Source: Bruegel

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