Northwest Europe’s gas consumption fell sharply in October and November but primarily as a result of milder-than-normal temperatures rather than high prices, fuel switching and energy conservation appeals.
Combined consumption in the core area of Germany, the Netherlands, Belgium and Luxembourg was down by 26% in October and 25% in November compared with the previous ten-year seasonal average.¹
The main impact of high prices has been to curb industrial consumption by heavy gas users in the iron and steel, cement, ceramics, glass-making, smelting, chemicals and fertiliser sectors. Fuel consumption is deeply embedded in the design of buildings and appliances so it is hard for consumers to shift use by a significant amount without expensive investments or unpleasant behaviour changes.
For the same reason, mild weather delayed the onset of inventory drawdown, ensuring Europe-wide stocks are still the second-highest for the time of year despite colder weather since the start of December.
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