In the period from August 2022 to January 2023, the members of the European Union managed not only to fulfill the set plan for a voluntary reduction in gas consumption by 15%, but also significantly exceeded it, eventually reducing gas consumption by 19% over the reporting period. Such a reduction allowed Europe to go through the heating season painlessly in the face of a sharp reduction in Russian gas supplies, Bloomberg writes , citing Eurostat data.
Only two EU members increased their consumption during the reporting period – Malta and Slovakia. The rest of the countries reduced their consumption. The leaders were Finland, which reduced gas consumption by about 55%, Lithuania (-50%) and Sweden (-40%). Also among the leaders were Estonia, Latvia, the Netherlands, Luxembourg, Romania, Denmark, Croatia.
The agency notes that a significant portion of this reduction could come during Europe's abnormally warm winter, which allowed local businesses and households to significantly reduce their gas consumption. However, the other part of this reduction is in any case due to the measures that European countries have taken to reduce their dependence on gas supplies, primarily from Russia.
Gas storage facilities are currently almost 50% full, which creates quite favorable conditions for the successful completion of the next heating season. Such reserves will reduce pressure on the energy market and, accordingly, prices for future fuel purchases. However, there is no total certainty that the upcoming heating season in the EU will be easy, therefore, representatives of the EU countries intend to discuss measures for 2023 at the next summit, which will be held in Sweden.
Europe has been grappling with the consequences of a political standoff with Russia for several years in a row, which resulted in pressure from Moscow in the energy industry. Before the war, the Russian side refused to supply gas to the spot market, limiting itself to deliveries exclusively under long-term contracts. This practice led to local shortages in the market and accelerated gas prices.
After the war, Moscow deliberately cut gas supplies to the EU under the pretext of sanctions and demands to pay for supplies in rubles. Subsequently, supplies fell to a record low due to sabotage on the Nord Stream and Nord Stream 2 gas pipelines. The share of Russia in the gas balance of Europe now does not exceed 10% – against about 45% a year ago.
