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Home Business Europe’s gas consumption falls to 10-year low in 2023

Europe’s gas consumption falls to 10-year low in 2023

by News desk
February 22, 2024
in Business

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Europe’s gas consumption in 2023 fell to its lowest level in 10 years as countries scaled up efficiency measures and renewables deployment, according to the Institute for Energy Economics and Financial Analysis (IEEFA) on Wednesday.

In the two years since the start of the Russia-Ukraine war, natural gas demand has declined by 20% across Europe.

The latest version of Institute for Energy Economics and Financial Analysis’s European LNG Tracker reveals that Germany, Italy and the UK are the drivers of the fall in natural gas demand and that the continent’s LNG consumption is forecast to peak in 2025.—AA