Europe’s natural gas consumption is struggling to recover from the lowest levels in a decade with hopes now fading that a decline in prices will fully remedy weak industrial production. Traders at the E-World fair in Essen, Germany said that a key driver is the residential sector where households are using less energy prompted by record high prices during the crisis and a mild winter. Europe’s gas consumption last year fell to its lowest level in 10 years, as countries scaled up energy-saving measures and switched to renewable energy, according to estimates from the Institute for Energy Economics and Financial Analysis. Major companies have closed units and even relocated to regions with cheaper energy costs. Gas costs fell almost 60% in 2023 prompting green shoots in some corners of the market.
Europe’s Natural Gas Consumption Struggles to Rebound After Decade-Low Levels, Germany
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