EUROPE’S industrial sector has started to cut demand for natural gas, as record prices have made the fuel prohibitive for many consumers.

Average consumption to-date in October is 12 percent lower than its pre-pandemic level, according to data compiled by Paris-based consultancy Engie EnergyScan. Gas consumption had already started to fall in September, down 5 percent from the 2019 level.

“We are starting to see the beginning of a demand destruction trend in the industrial sector in Europe,” said Julien Hoarau, head at Engie EnergyScan. “Germany, the Netherlands and the United Kingdom are showing the largest reductions so far but we really need to wait for a few weeks to see if the trend is confirmed, notably when gas demand for heating will increase.”

Natural gas prices have hit fresh records almost daily recently, just before lower temperatures start to increase demand for heating in the region. (SD-Agencies)