Europe gas: 2022 in review Report

Insight 23 January 2023

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Report summary

The Russian-Ukraine war has redesigned the European supply mix and has resulted in a demand response never seen before in the natural gas industry. Sky-rocketing prices and Covid restrictions in China helped Europe secure record imports of LNG, which increased 64% year-on-year. Europe has been able to end the year with storage levels at 82% as demand has reduced by 11%, supported by price response and warm weather. The level of market intervention by European governments has been unprecedented and included financial support for new infrastructure, subsidies to end-users, and the bailout of utilities. Read this report to review how Europe coped with the most turbulent year of its gas market.