MNI BRIEF: EC Reviews Estonia Economic Imbalances

MNI China Daily Summary: Wednesday, December 18

MNI BRIEF: China Youth Umemployment Rate Fell In November

MNI CHINA MONEY MARKET INDEX: Easing Expectations Surge

MNI DEC CHINA MONEY MARKET INDEX 36.0 VS NOV 53.5

MNI BRIEF: PBOC Warns Market On Bond Rally - Press

MNI: US MBA: MARKET COMPOSITE -0.7% SA THRU DEC 13 WK

MNI: UK DEC CBI INDUSTRIAL TRENDS TOTAL ORDERS -40

MNI: EUROZONE NOV FINAL HICP -0.3% M/M, +2.2% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

NATGAS: EU to Overshoot 2030 REPowerEU Gas Consumption Target by 80%: BNEF

NATGAS
CEEMEAEnergy BulletsBulletPower BulletsCommodities

The vast majority of the targets in the European Union’s REPowerEU plan are to be missed as the half way mark is fast approaching, according to BNEF.

  • The bloc is set to miss the 2030 REPowerEU gas consumption target with an overshoot of over 80%.  
  • BNEF expects Europe’s gas demand to grow 11% from 2024 to 432Bcm in 2026, primarily driven by an increasing share of gas in the power mix amid less coal use.
  • High prices weakened gas demand but it is expected to remain stable over 2025-2030. Gas consumption in 2030 falls to 403bcm as renewables replace some gas use, but well above the REPowerEU target of 220bcm.
  • LNG has replaced over 50% of the diverted Russian pipeline supply in 2023 compared to 2021. LNG imports to overshoot the EU’s 50bcm target almost three-fold. BNEF estimate a 44% share of LNG in European gas supply in 2030.
  • Around 15bcm of Russian gas is still expected to Europe per year, primarily through TurkStream, after a halt in transit volumes via Ukraine in 2025.

 

Keep reading...Show less
172 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

The vast majority of the targets in the European Union’s REPowerEU plan are to be missed as the half way mark is fast approaching, according to BNEF.

  • The bloc is set to miss the 2030 REPowerEU gas consumption target with an overshoot of over 80%.  
  • BNEF expects Europe’s gas demand to grow 11% from 2024 to 432Bcm in 2026, primarily driven by an increasing share of gas in the power mix amid less coal use.
  • High prices weakened gas demand but it is expected to remain stable over 2025-2030. Gas consumption in 2030 falls to 403bcm as renewables replace some gas use, but well above the REPowerEU target of 220bcm.
  • LNG has replaced over 50% of the diverted Russian pipeline supply in 2023 compared to 2021. LNG imports to overshoot the EU’s 50bcm target almost three-fold. BNEF estimate a 44% share of LNG in European gas supply in 2030.
  • Around 15bcm of Russian gas is still expected to Europe per year, primarily through TurkStream, after a halt in transit volumes via Ukraine in 2025.

 

Keep reading...Show less