Is Europe’s gas market ready for winter?

Jul 25, 2023

Europe’s energy crisis has accelerated its transition. Image: REUTERS/Nacho Doce REFILE - QUALITY REPEAT

Renée van Heusden

Head, Oil & Gas Industry, World Economic Forum

Adele Jacquard

Oil and Gas Transition Researcher, World Economic Forum

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Figure showing the EU imports of energy products, 2019-2023.

The value of energy product imports nearly doubled from 2021 to 2022, while first-quarter values in 2023 have fallen compared with a year earlier. Image: Eurostat

Figure illustrating the assessment of the natural gas balance of the European Union.

Europe needs to ensure it has enough gas for winter 2023/24, potentially without Russian flows. Image: IEA

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Figure displaying the elements that can be expected to fill part of the EU supply-demand gap.

The EU must balance having enough energy supply for winter with the need for multiple alternative sources of energy. Image: IEA

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