The Russian invasion of Ukraine is changing the energy market in Europe: gas consumption in August-January 2022 in the European Union decreased by an average of 19.3% compared to a 5-year value, in some countries – by 40-60%.
This data was provided by the European Statistical Office. Eurostat. In Finland, for example, gas consumption fell by 57.3%, in Lithuania – by 47.9%, in Sweden it decreased by 40.2%.
Gas prices in Europe also fell significantly – they fell to a minimum in 17 months. Last Friday, gas contract quotes fell below $560 per thousand cubic meters, becoming the lowest value in 17 months. Prices have fallen by more than 80% from their peak in August last year, when prices jumped to $3,500 amid restrictions on supplies from Russia to Europe.
The blocking of gas flows by Russia raised concerns that it would be quite difficult for European countries to fill gas storage facilities and get through the heating season. But mild weather, a significant influx of liquefied natural gas from the United States and Qatar, and efforts to reduce energy consumption have taken the edge off the problem.
The EU last year adopted new rules requiring member states to make every effort to reduce their gas consumption between August 1, 2022 and March 31, 2023 by at least 15% compared to average consumption for the same period. months of the previous five years.
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