The gas crisis in Europe will be even worse in 2023

The gas crisis in Europe will be even worse in 2023

Europe expects a major shortage of gas supplies until next winter, the International Energy Agency (IEA) warned today.

If Russian gas imports via pipelines are completely suspended and China continues to import liquefied natural gas in normal quantities, almost half of the gas needed to fill the storage to the 95 percent level could be missing, the IEA warned.
Among them was the flow of Russian gas through pipelines, which fell sharply during the year but was largely within normal limits in the first half of the year.

Furthermore, lower Chinese LNG imports in the first ten months of this year were key to supplying Europe with more LNG to offset a reduction in supply from Russia.

An even greater challenge awaits Europe next winter

“Given the recent warm weather and lower gas prices, there is a risk of a relaxation when it comes to Europe’s gas supply, but the risk is far from over,” said IEA Director Fatih Birol.

“When we look at the latest trends and possible developments in the global and European gas market, we see that Europe will face an even greater challenge next winter,” he warned.

Therefore, he said, governments should immediately take measures to improve energy efficiency and accelerate the use of renewable energy sources and heat pumps and reduce gas demand.