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European gas consumption in 2023, the latest from IEEFA, has fallen to the lowest level in a decade as countries ramp up efficiency measures and renewable energy deployment. In the two years since Russia’s full-scale invasion of Ukraine, gas demand has fallen by 20% across the continent.
The latest edition of IEEFA’s European LNG Tracker reveals that the decline in gas demand is mainly driven by Germany, Italy and the UK. As a result, LNG consumption on the continent is expected to peak in 2025.
The market has rapidly reduced its dependence on Russian gas in the wake of the invasion, and IEEFA had expected LNG imports to increase in 2023 to make up for the shortfall. However, his LNG demand in Europe was actually flat year-on-year.
Nevertheless, countries continue to build new LNG infrastructure. Eight import terminals will be operational from February 2022 onwards, with 13 more projects scheduled to come online by 2030. This means that the total production capacity of his LNG terminals in Europe could be triple that of his LNG terminals in Europe. Demand for LNG is expected to increase by the end of this decade.
“Two years after Russia’s invasion of Ukraine, Europe’s energy systems are more diversified and resilient. The crisis has been brought under some control, efficiency measures have been scaled up, and the installation of renewable energy and heat pumps has accelerated. This is likely to cause the continent to continue to reduce its gas demand,” said Ana Maria Jarrah Makarewicz, IEEFA Principal Energy Analyst for Europe.
“Europe, which has experienced the risk of jeopardizing the security of its energy supplies by relying too much on one source, has learned from past mistakes and avoided over-reliance on the United States, which provided almost half of last year’s LNG imports. There must be.”
Russia’s LNG imports increase
Europe’s success in reducing piped gas imports from Russia contrasts with increasing LNG shipments from that country. From 2021 to 2023, LNG supplies from Russia to Europe increased by 11%. Shipments to Spain have doubled, and shipments to Belgium have more than tripled. Turkiye and Greece will begin importing Russian LNG in 2022.
Spain, France and Belgium received 80% of Europe’s Russian LNG imports last year.
The European terminals that imported the most Russian LNG between 2021 and 2023 were Zeebrugge (Belgium), Montoire de Bretagne (France), Bilbao (Spain), Gate (Netherlands), and Dunkirk (France). , Mugardos (Spain).
Europe continues to expand LNG terminals
Since February 2022, Europe has added 53.5 billion m3 Increased new LNG regasification capacity. Last year, eight of Europe’s 37 import terminals had occupancy rates of less than 50%.
Another 94 billion m3 New or expanded LNG import capacity is in the planning stages and expected to be operational by 2030. This brings his LNG capacity in Europe to his 405 billion cubic meters.3.
“Over the past two years, Europe has transformed its energy system and put in place ways to reduce the impact of the energy crisis. We are now looking at what policies have worked and continuing to do so to help Europe manage risks in the future.” It’s time to introduce new strategies that can give you an edge,” concluded Jarrah Makarevich.
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