Page 9 - FSUOGM Week 40 2022
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FSUOGM COMMENTARY FSUOGM
Drilling into the details and the size of gas According to Bruegel most of the big gains
consumption reduction comparing the 2019- in reducing gas consumption have been made
2020 average and 2022 year to date varies by industry and households, with Finland,
widely between countries. The Baltic states the Baltics and Sweden standing out, where
and Sweden have all managed to cut their gas industry and households account for almost
consumption by more than 20%, while those all the savings. The laggards are Spain, Austria,
states that import no Russian gas – especially France, Greece, Croatia and Portugal, where
Spain and Portugal – have seen barely any power generation has caused an increase in
change; indeed, Spain, Greece, Slovakia and gas consumption.
Croatia have all increased their gas consump- However, as bne IntelliNews reported, Por-
tion mildly in 2022 compared to the previous tugal, Spain and Greece do not consumer Rus-
two years. sian gas and Portugal in particular is almost
From the two really big gas consumers, Italy entirely dependent on LNG imports under
and Germany, the former has made very little long-term contracts signed well before the
reduction (-2%), while the former has cut gas energy crisis started, and so has been insulated
use by more than the EU average (-11%). from the soaring price of gas.
Sectoral demand reductions year-to-date 2022 compared to average 2019-21
Week 41 15•October•2022 www. NEWSBASE .com P9
