Key insights
- The European Commission projects a potential 15 billion cubic meter reduction in European natural gas consumption this year through energy efficiency measures. While this eases European energy security concerns, it marginally negatively impacts US equities by potentially reducing demand for US LNG exports to Europe.
Investing.com -- The European Commission estimates that Europe can reduce natural gas consumption by 15 billion cubic meters this year, according to Ruud Kempener, deputy head of unit for energy security and safety of DG Energy at the European Commission.
Kempener made the statement Wednesday at the Flame energy conference in Amsterdam. He said European countries were better prepared to handle disruption from the Iran war because they already have regulation in place that allows them to react, following the energy crisis that resulted from Moscow’s invasion of Ukraine.
With regulation established, Kempener said the Commission was working with member states to identify measures that can reduce demand for gas, oil and oil products.
The EU official said Brussels estimated member states could cut gas consumption by approximately 15 billion cubic meters through increased energy efficiency, though he did not provide additional details.
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