Natural gas demand in Europe could grow by around 2% in 2024

The International Energy Agency estimates that European demand for natural gas could grow by just under 2% in 2024. The quantities of gas used to produce electricity are expected to fall by 10% as a result of the increase in renewable and nuclear power generation. Consumption in industry is expected to continue to rise, after increasing by 15% between 1 April 2023 and 31 March 2024, with the rate of increase depending on the economic situation and trends in gas prices. However, industrial consumption is still 10% lower than in 2020/2021. Global demand for natural gas is expected to increase by 2.3% in 2024, driven by growth in demand in Asia.