EU Slashed Winter Gas Demand by Almost 20%, Beating Its Target

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(Bloomberg) — The European Union slashed its gas demand this winter by almost a fifth, beating a voluntary 15% goal that was made to help it survive the heating season with much lower Russian flows.

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The bloc’s consumption between August and January was 19% below the average of the previous five years, according to data published by Eurostat on Tuesday. Finland saw the biggest drop — with usage more than halving — with demand rising in only Malta and Slovakia.

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The data doesn’t show how much of the drop was due to high prices or a mild winter, but highlights successful efforts made by countries that had feared the doomsday scenario of rolling blackouts. The bloc will now likely start the refilling season with storage more than 50% full, helping to limit prices this summer and boosting energy security before the next heating season.

The European Commission is due to consult with member states over whether to extend the requirement to cut gas demand, with the measure currently due to expire at the end of March. Falling gas prices have raised concern that demand could increase once again. Energy ministers will probably discuss the options at an informal meeting in Sweden next week.

Russian pipeline imports of gas have fallen from a historical average of around 50% to less than 10%, according to EU data. Assuming current pipeline flows from Russia stay the same, the bloc will receive 20 billion cubic meters this year — compared with 155 billion cubic meters before Moscow’s war in Ukraine — an EU official has said.