BAKU, Azerbaijan, April 19. The EU Agency for the Cooperation of Energy Regulators (ACER) in a new report on the liquefied natural gas (LNG) market suggested that Europe's LNG demand will peak in 2024, the report of ACER said, Trend reports.
"The EU is the largest purchaser of LNG, with purchases totaling 134 bcm in 2023, and EU LNG demand is likely to peak in 2024," ACER believes.
The US was the largest LNG supplier to the EU last year (119 bcm).
"In less than two years, the EU has created new LNG infrastructure for a total volume of more than 50 bcm, which helped to cope with disruptions in the supply of "blue fuel" and reduce prices," the report indicated.
ACER experts note that by 2030, 19 large-scale liquefaction facilities could be commissioned globally, bringing an additional 200 million tons of LNG to the market, which is equivalent to half of the current annual LNG trade volume.
The European Union Agency for the Cooperation of Energy Regulators (ACER) was founded in March 2011 by the Third Energy Package legislation as an independent agency to promote the integration and completion of the European Internal Energy Market for electricity and natural gas. Agencies, unlike EU institutions, are distinct legal bodies established to carry out specific technical and scientific duties that assist EU institutions and Member States in implementing policies and making decisions. ACER's headquarters are in Ljubljana, Slovenia.
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