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Nairobi Business Monthly
Home»Briefing»Gas demand in Europe down to 1995 lows in 2023 – Report
Briefing

Gas demand in Europe down to 1995 lows in 2023 – Report

The 7% dip was almost entirely concentrated in first to third quarter (Q1-Q3) of 2023
NBM CORRESPONDENTBy NBM CORRESPONDENT26th January 2024No Comments1 Min Read
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Gas demand in Europe down to 1995 lows in 2023| Energy Intelligence
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The 7% dip was almost entirely concentrated in first to third quarter (Q1-Q3) of 2023
By TASS News Agency

Gas demand in European countries fell by 7% last year to the lowest level since 1995, according to a market report by the International Energy Agency (IEA).

“Natural gas demand in OECD (Organization for Economic Cooperation and Development) Europe fell by 7% (or 35 bcm) in 2023 to its lowest level since 1995. The decline was almost entirely concentrated in the first to third quarter (Q1-Q3) of 2023, while gas consumption remained just below its 2022 levels in Q4,” the report shows.

The power sector alone accounted for 75% of the demand reduction, as lower electricity demand together with the continued expansion of renewables and improving nuclear availability weighed on gas-fired power generation.

The Nairobi Law Monthly September Edition

Natural gas consumption in industry increased marginally in 2023 due to the continued decline in natural gas prices supported a moderate recovery in industrial sector gas demand.

“Our forecast expects natural gas demand in OECD Europe to increase by a moderate 3% in 2024, as the decline in gas-to-power demand is offset by higher gas use in the residential, commercial and industrial sectors,” the agency said.

The Nairobi Law Monthly September Edition
2024 Energy Sector IEA International Energy Agency OECD Europe
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