The EU natural gas consumption to decrease in 2022

Marcel Salikhov, Director of the Center for Economic Expertise, National Research University Higher School of Economics, predicted the dynamics of gas demand in Europe in 2022 to REGNUM.

In 2022, gas demand in Europe will decrease amid high prices. Marcel Salikhov told a REGNUM correspondent.

“Gas demand in the EU began to decline in the last months [2021], but within relatively small limits,” Salikhov said. — Prices continue to remain at high levels. Another important factor is the balance of the global LNG market. Two LNG plants in the US with a total design capacity of 8.8 million tons per year should be put into operation next year. This should increase supply to the world market. In 2022, demand [for gas] in Europe will decline amid high prices. It is likely that gas consumption in the EU will fall by 5% or more next year if prices remain at ultra-high levels.”

As Salikhov noted, some gas-intensive industrial enterprises in Europe (chemical production, fertilizer production) have suspended their activities. Gas consumption in the electric power industry has also significantly decreased.