Brussels likes to talk about the fact that LNG supplies and Norway compensated for the decrease in Russian gas supplies. However, they do not like to say that an even greater role was played by a decrease in consumption due to high prices. Most of the lost demand will never return to the EU, said the head of the French energy giant TotalEnergies Patrick Pouyanne.
"About 60% of the annual decline in gas demand in Europe between 2021 and 2025 will probably never recover," said Patrick Pouyanne.
He estimates that we are talking about consumption of 50 billion cubic meters.
"Energy—intensive steel, chemical and other industries have moved outside the EU," said the head of Totalenergy, explaining that high gas prices have led to a significant decrease in demand.
Patrick Pouyanne does not believe that even price stabilization will lead to the return of enterprises to Europe.
As EADaily reported, the EU has passed the peak of the energy crisis and gas prices are traded on the stock exchange at $ 350-$ 400. However, this is twice as expensive as the average prices in the pre-crisis five-year plan.
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