BAKU, Azerbaijan, January 31. According to forecasts by ICIS, a leading provider of Independent Commodity Intelligence Services, European gas demand, represented by the EU12+GB1 region, is projected to reach 3,746TWh in 2024, Trend reports.
While this marks an 8 percent increase from 2023 levels, it remains 2 percent below the demand recorded in 2022. The anticipated recovery is expected to be skewed towards the latter part of the year, driven by declining inflation rates and lower consumer prices. The slow recovery trajectory is set to continue into 2025, with demand climbing to 3,954TWh, a 4 percent increase from 2022, yet still 7 percent lower than the 2017-2021 average.
On the power front, European demand (defined as EU + GB, NO, and CH) is forecasted to rise by 2.9 percent in 2024, reaching 3,126TWh.
Similarly to gas demand, power consumption is expected to experience gradual growth in 2025, surpassing 2022 levels but remaining slightly below the pre-crisis 2017-2021 average.
Unlike gas demand, which likely peaked in Europe in 2021, power demand is projected to continue ascending throughout the decade and beyond. This growth is attributed to the increasing demands of electrification and green hydrogen production in alignment with decarbonization goals. ICIS Power Foresight projects demand growth rates ranging between 2.5 and 3 percent from 2025 to 2028.
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