Gas demand growth in Europe nearly erased as COVID-19 sends continent into lockdown
European gas demand in 2020 is likely to drop by 0.7% compared to the pre-coronavirus forecast, according to Rystad Energy’s most likely scenario. Growth will be limited to just about 2 billion cubic meters (bcm) year-on-year, short of previous expectations for a 6 bcm increase.
The continent’s gas demand for last year is calculated at 554 bcm and Rystad Energy has now revised its 2020 forecast to 556 bcm, down from 560 bcm before coronavirus-related restrictions were put in place.
Rystad Energy’s most likely scenario assumes most of the continent’s countries go into lockdown for 30 days during the two-month period of March and April.
As people stay home and businesses close their doors, demand will decrease for power generation and for burning in the industrial, commercial and residential sectors, Rystad Energy says.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.