The European Union appears to be well prepared for the 2023–2024 winter gas season, according to an analysis that the think tank Bruegel published on Tuesday, 10 October. Despite a difficult winter 2022–2023 following Russia’s invasion of Ukraine, the EU has strengthened its position in terms of energy security.
Gas demand was 15% lower than historic averages during the first two quarters of 2023. In addition, liquefied natural gas (LNG) import capacity increased 20%, partially offsetting the reduction in Russian supplies.
Accelerated deployment of solar and wind energy has helped reduce dependence on gas, resulting in tamed prices. Nevertheless, the authors of the analysis indicate that Europe must not let its guard down. Although fears of shortages have lessened, the persistent volatility of gas prices may still affect the EU economy.
The EU handled the drop in Russian gas by increasing LNG imports, from the United States in particular, and by reducing gas demand. A milder winter—attributed in part to global warming—also helped.
For the coming winter, if the EU ends [the season] with at least 30% of its gas reserves, it will be safe. Nonetheless, vigilance continues to be essential, particularly in terms of energy infrastructure security and in the face of rising prices.
Read the analysis: https://aeur.eu/f/913 (Original version in French by Nithya Paquiry)