Demand for gas in the European Union fell 20%

Brussels – dpa: The European Union reduced the demand for natural gas during the current winter by almost a fifth, exceeding
The voluntary target for demand cut was 15% to help ensure stable supplies during the heating season as supplies of Russian natural gas dwindle.
According to data from the European Statistical Agency, Eurostat, natural gas consumption in the European Union during the period from August to January decreased by 19% from the average consumption during that period of the previous five years.
Finland recorded the largest decline in gas consumption during the winter season, and the percentage of the decline amounted to regarding half, while demand increased in Malta and Slovakia only.
Bloomberg News indicated that Eurostat data did not reveal the rate of decline resulting from the rise in gas prices or the mild weather during the last period of this winter, but it showed the extent of the success of the efforts of the Union countries that were afraid of severe energy crises, including the potential Electricity outages as a result of supply not matching demand.
It is possible that the European Union will begin the season of refilling natural gas storage tanks for the next winter, while these warehouses are currently filled by more than 50%, which will limit the rise in prices during the summer, and enhance energy security before the peak season of energy demand in next winter.
The Commission, which is the executive arm of the European Union, will consult with member states regarding whether the matter needs to extend restrictions on gas consumption, as the current restrictions are scheduled to expire at the end of next March.
The recent decline in gas prices raised concerns regarding the possibility of an increase in demand for it during the coming period. It is possible that energy ministers in the European Union will discuss the available options during an informal meeting in Sweden, which holds the rotating presidency of the European Union next week.
This comes at a time when the share of Russian natural gas supplies has fallen from regarding 50% of total supplies in Europe to less than 10%, according to European Union data. In the event that Russian supplies continue at their current levels, the European Union will import 20 billion cubic meters of Russian gas this year, compared to 155 billion cubic meters before the outbreak of the Russian war once morest Ukraine in late February.