The EU extended the reduction in gas consumption for another year - Kommersant

The EU extended the reduction in gas consumption for another year - Kommersant

Energy ministers of the EU countries supported the extension of the voluntary reduction in gas consumption for a year - until March 31, 2025. In accordance with the agreement, EU member states are recommended to continue the reduction by at least 15% compared to the average from April 1, 2017 to March 31, 2022. This is stated in a press release from the EU Council.

The situation with gas supplies to the EU has improved significantly since 2022, including due to a reduction in demand, the EU Council noted. However, the situation on the global gas market “remains tense.” “Member states want to remain prepared for any possible disruptions in gas supplies. To do this, stocks in EU storage facilities must remain at a sufficiently high level throughout the winter,” follows from the press release.

According to Eurostat, from August 2022 to January 2023, gas consumption in Europe decreased by 19%. In some European countries the figure decreased by 40–50%. The EU made the decision to voluntarily reduce gas by 15% in the summer of 2022 amid difficulties with supplies from Russia.

According to the IEA report, European countries' demand for gas fell by 7% (or 35 billion cubic meters) in 2023, to the lowest level since 1995 - 489 billion cubic meters. m. The reduction in consumption was ensured by the replacement of part of the lost Russian LNG supplies, as well as the strengthening of the role of renewable energy sources.

Read more in the Kommersant article. “It’s not the weather that’s reducing demand”.

Lusine Balasyan

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