Europe’s gas demand for last year is calculated at 554 billion cubic meters and 2020 forecast is now revised to 556 billion, down from 560 billion cubic meters before coronavirus-related restrictions were put in place. European natural gas demand in 2020 is likely to drop by 0.7 % compared to the pre-coronavirus forecast according to energy research company Rystad Energy. Growth will be limited to just about 2 billion cubic meters year-on-year, significantly lower than previous expectations for a 6 billion cubic meters increase.
Rystad Energy’s most likely scenario assumes most of the European countries go into lockdown for 30 days during the two-month period of March and April. As people stay home and businesses close, demand will decrease for electricity generation, as well as in the industrial, commercial and residential sectors.
