![]() Month-ahead TTF averaged $38/MMBtu in 2022 and $16/MMBtu in 2021. Gas burn in Germany, Europe’s biggest gas market, fell by 15%. This was the smallest amount of gas consumed in the region since 1995, with steep year-on-year declines seen in Finland (-48%), Sweden (-30%), Ukraine (-29%), Latvia (-30%) and Denmark (-28%). Gas consumption across the continent of Europe – the EU27 plus Norway, the UK, Turkey, Ukraine, and other non-members – dropped 13% to 499 billion cubic metres (Bcm) in 2022. So, with the health warning duly administered, here goes. That said, it gives plenty of food for thought. Restocking with LNG at the height of the market stifled Europe’s energy-intensive industries and rebased the continent around a high-cost, low-demand energy economy paradigm.ġ ). Europe spent a decade’s worth on gas in just two and a half years, even though consumption fell to a 28-year low in response to scarcity prices.Ī gargantuan debt is attached to gas held in storage, which means more pain for consumers and an enduring drag on European industrial productivity. Yes, you read that right: the value of gas consumed across the European continent since 2021 currently stands at $1.12 trillion, and structurally higher prices could see that amount rise by a further $600 billion by mid-decade.Ĭalculations by Energy Flux based on the Energy Institute’s Statistical Review of World Energy and exchange data offer fresh perspectives on the toll of wartime gas pricing on Europe’s financial health. Believe it or not, Europe has burned through more than a trillion dollars’ worth of natural gas since Russia began weaponising pipeline exports in preparation to invade Ukraine. These elevated prices are hard to absorb because European consumers are still burdened with an eye-watering cost overhang.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |