BAKU, Azerbaijan, January 23. In 2024, Morgan Stanley, a reputable investment banking group, believes that EU gas demand may recover in 2024 compared to its drop in 2023, but still remain below the level of 2021, one of the peak years for the eurozone in terms of gas consumption, Trend reports, referring to the groups's research.
"In 2024, gas consumption in the EU (excluding Spain and Portugal) might reach 662 million cubic meters per day, with 315 million cubic meters per day going to industry and electricity, and 347 million cubic meters going to heating and other purposes," the research reads.
In 2023, the 26 EU countries consumed 627 million cubic meters of gas per day, with industry and power generation using 298 million cubic meters and other consumers using 329 million cubic meters.
According to Morgan Stanley, EU gas usage in 2021 (excluding Spain and Portugal) was 797 million cubic meters per day, with 370 million cubic meters consumed by industry and generation and 427 million by utilities and other customers.
However, following the commencement of hostilities in Ukraine, Europe began to reduce its reliance on Russia's gas supply in 2022, having acquired 155 billion cubic meters in 2021.
Unprecedented initiatives were taken in the EU in 2022 to cut fuel usage and transition to renewable energy sources, and this trend continued in 2023.
