IDEAS home Printed from https://ideas.repec.org/h/cnb/ocpubc/geo2023-5.html
   My bibliography  Save this book chapter

The European natural gas market during the energy crisis

In: CNB Global Economic Outlook - May 2023

Author

Listed:
  • Jan Hosek

Abstract

The European natural gas market underwent major changes in 2021–2022, both in terms of prices and the supplier structure. After Russia’s invasion of Ukraine, the European Union tried to rid itself quickly of its strong dependence on natural gas supplies from Russia. As a result, imports of natural gas in liquefied form (LNG) increased rapidly and strengthened further. This put pressure on the inadequate gas infrastructure in Europe and raised concerns about whether it would be possible to secure sufficient gas supplies for the operation of industrial firms. The European administration thus put pressure both on industry and households to reduce gas consumption. Thanks to huge savings and milder weather, EU countries managed to get through winter 2022/23 without any major problems, but in the absence of supplies from Russia, the European market will also remain tight in the years ahead.

Suggested Citation

  • Jan Hosek, 2023. "The European natural gas market during the energy crisis," Occasional Publications - Chapters in Edited Volumes, in: CNB Global Economic Outlook - May 2023, pages 13-18, Czech National Bank.
    • Handle: RePEc:cnb:ocpubc:geo2023/5
    as

    Download full text from publisher

    File URL: https://www.cnb.cz/export/sites/cnb/en/monetary-policy/.galleries/geo/geo_2023/gev_2023_05_en.pdf
    Download Restriction: no
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cnb:ocpubc:geo2023/5. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Jan Babecky (email available below). General contact details of provider: https://edirc.repec.org/data/cnbgvcz.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.