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LNG: Europe LNG Imports Fell 19% in 2024 but to Rise in 2025: IEEFA

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Europe’s LNG imports fell 19% in 2024 with gas demand at an 11-year low amid demand reduction policies and renewable energy deployment, according to IEEFA.

  • EU LNG demand is forecasted to increase in 2025, due to lost Russian pipeline supplies, but to remain lower than consumption in 2022 and 2023.
  • LNG demand dropped to its lowest level since 2021 led by a 47% drop by the UK, 29% by Belgium and 28% by Spain.
  • Europe’s LNG import capacity is expected to grow by 60% between 2021 and 2030. Lower demand resulted in a utilisation rate below 40% at half of the EU’s LNG regasification terminals.
  • Imports from the US declined by 18% last year but held a 46% share of Europe’s LNG imports in 2024.
  • Imports of Russian LNG increased by 18% in 2024 with a third from spot trades and France, Spain and Belgium accounted for 85%.
  • “EU efforts to curb gas demand have been crucial for maintaining the continent’s security of energy supply,” said Ana Maria Jaller-Makarewicz at IEEFA.
  • “However, as EU gas demand was flat last year, more work is needed to diversify energy supplies and reduce Europe’s exposure to LNG market volatility.”  

 

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Europe’s LNG imports fell 19% in 2024 with gas demand at an 11-year low amid demand reduction policies and renewable energy deployment, according to IEEFA.

  • EU LNG demand is forecasted to increase in 2025, due to lost Russian pipeline supplies, but to remain lower than consumption in 2022 and 2023.
  • LNG demand dropped to its lowest level since 2021 led by a 47% drop by the UK, 29% by Belgium and 28% by Spain.
  • Europe’s LNG import capacity is expected to grow by 60% between 2021 and 2030. Lower demand resulted in a utilisation rate below 40% at half of the EU’s LNG regasification terminals.
  • Imports from the US declined by 18% last year but held a 46% share of Europe’s LNG imports in 2024.
  • Imports of Russian LNG increased by 18% in 2024 with a third from spot trades and France, Spain and Belgium accounted for 85%.
  • “EU efforts to curb gas demand have been crucial for maintaining the continent’s security of energy supply,” said Ana Maria Jaller-Makarewicz at IEEFA.
  • “However, as EU gas demand was flat last year, more work is needed to diversify energy supplies and reduce Europe’s exposure to LNG market volatility.”  

 

Keep reading...Show less