The Industrial Sector of Europe began to reduce the demand for natural gas. According to Bloomberg, record prices made fuel too expensive for many consumers.
According to the Paris Consulting Company Engie Energyscan, the average gas consumption in October fell by 12 percent compared with the level before the pandemic. In September, the demand for fuel turned out to be five percent lower than in the same period of 2019. Enterprises began to save on gas and look for alternative sources of power supply.
“We see the beginning of the trend towards a reduction in demand in the industrial sector of Europe,” said the head of Engie Energyscan Julien Hoarau. – Germany, the Netherlands and the United Kingdom have reduced consumption most, but we need to wait a few weeks to see if the trend is confirmed, Especially when the demand for gas for heating will increase. “
Also Joarau also noted that high gas prices can slow down the restoration of the economy in Europe, as industrial consumers suffer from high fuel costs. Some enterprises were forced to temporarily stop their activities, while others – reduce production.
Gas prices in Europe have reached a historical record, and on October 6, they almost got to the mark of two thousand dollars per thousand cubic meters. But then the cost of gas began to decline after the words of Russian President Vladimir Putin on the possibility of increasing fuel supplies. At the time of this writing, the news is traded at a price of $ 1018.62 per thousand cubic meters, according to the London Stock Exchange ICE.