According to a report from the International Energy Agency (IEA), European gas consumption was down by 13% in 2022, due to a variety of factors. A major factor was a reduction in industrial production, which is only marginally due to a shift to other energy sources. Energy-intensive producers had to cut back production.
“Gas demand in industry fell by close to 20% (30 bcm) in 2022, with all-time high gas prices driving fuel-switching and leading to production curtailment across the most gas- and energy-intensive industries. The steepest declines in industrial gas demand were recorded during the second half of 2022, with a drop of 25% y-o-y.”
