BAKU, Azerbaijan, March 19. The European Union (EU) witnessed a sharp 8 percent decline in gas demand in February 2024, following a robust double-digit growth in January, Trend reports via the Gas Exporting Countries Forum (GECF).
This downturn, attributed chiefly to a milder-than-usual winter, significantly curtailed heating requirements in residential sectors across the continent. Furthermore, despite a downward trajectory in gas prices, industrial gas consumption remained stagnant during this period. The combination of reduced heating needs and static industrial usage underscored the multifaceted influences shaping gas dynamics within the EU.
A pivotal factor contributing to this decline was the pronounced increase in wind and hydroelectric power outputs, which notably diminished gas consumption in the power generation sector. Gas-based electricity generation experienced a substantial 24 percent year-on-year downturn, contrasting with a modest 0.4% increase in total electricity production, reaching 212 TWh.
This shift in energy dynamics highlighted the ascendance of alternative energy sources, with nuclear, hydro, solar, and wind power witnessing remarkable year-on-year growth rates of 4 percent, 30 percent, 12 percent, and 33 percent, respectively. Conversely, electricity generated from coal witnessed a stark 33 percent year-on-year decline, indicative of a broader transition towards cleaner energy alternatives.
Renewables emerged as the dominant force in the EU's power mix, claiming the largest share at 34 percent, followed by nuclear at 25 percent, gas at 15 percent, hydro at 14 percent, and coal at 12 percent. This evolving energy landscape reflects a concerted effort towards sustainable energy practices and reduced reliance on fossil fuels.
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