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Policies Should Reduce EU Gas Demand By 60bcm In The Next 12 Months

NATURAL GAS

The EU’s policies to reduce the consumption of natural gas could lead to a decline in gas demand of 60bcm in the coming 12 months, Energy Commissioner Kadri Simson told FT.

  • That would exceed the combined volume of gas and LNG that the EU expects to import from Russia this year, she said.
  • The EU’s gas demand declined by 18% between August 2022 and March 2023 compared with the average in recent years.
  • In March, the bloc extended its voluntary gas demand reduction targets of 15% until March 2023.
  • Several analysts said that some of Europe’s gas demand destruction could be permanent due to the switch to alternative fuels or the aim to electrify processes. Industrial firms could also look to move production elsewhere. Analyst views range between 5-25% of EU gas demand that will not recover at some point.
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