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.
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.