Europe | Natural Gas. November 2022

Summary

The increase in EU gas reserves to 94% of capacity together with warmer weather and lower consumption indicates that Europe is in a good position to face the rise in consumption during winter. Factors to be considered are the European Commission's proposal on the gas price cap and possible gas supply cuts.

Key points

• Key points:
• Gas consumption among the main European countries remains below four-year average up to November (Germany -9%, France -4%, Italy -2%). Higher prices so far have contributed to contain gas consumption.
• The gas connection capacity between European countries allows to cover their consumption this winter if the aggregated figures add up and solidarity exists.
• The European Commission postponed the formal approval of a package of emergency measures to tackle the gas crisis until mid-December, in order find a common ground on a gas price cap mechanism.

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