The European natural gas market during the energy crisis

Jan Hosek

A chapter in CNB Global Economic Outlook - May 2023, 2023, pp 13-18 from Czech National Bank, Research and Statistics Department

Abstract: The European natural gas market underwent major changes in 2021–2022, both in terms of prices and the supplier structure. After Russia’s invasion of Ukraine, the European Union tried to rid itself quickly of its strong dependence on natural gas supplies from Russia. As a result, imports of natural gas in liquefied form (LNG) increased rapidly and strengthened further. This put pressure on the inadequate gas infrastructure in Europe and raised concerns about whether it would be possible to secure sufficient gas supplies for the operation of industrial firms. The European administration thus put pressure both on industry and households to reduce gas consumption. Thanks to huge savings and milder weather, EU countries managed to get through winter 2022/23 without any major problems, but in the absence of supplies from Russia, the European market will also remain tight in the years ahead.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:cnb:ocpubc:geo2023/5

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