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EU Gas Savings 13% in February

NATURAL GAS

Early ICIS data shows EU natural gas demand savings in February were 13% compared to 2017-2021-year average – temperature adjustments aside. A month before, in January, consumption was 24% below the average.

  • The EU is on track to achieving the European Commission’s ambition to save 15% of gas demand from 1 August 2022 to 31 March 2023, relative to 2017-2021 average.
  • The downward trend in gas prices could begin to support minor industrial and power sector gas growth going forward. The latter supported by potential coal-to-gas switching, as gas-fired power plants are likely to slowly become more profitable again.

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