Europe’s gas outlook for 2023

Europe has survived the energy crisis in the past year; however,
it is time to look forward and prepare for winter 2023-24. In
this episode of The Sound of Economics, Jeromin Zettelmeyer
invites Simone Tagliapietra and Ben McWilliams to present their
latest paper, where they explore in detail the future of LNG
imports, how much natural gas demand must be reduced to avoid
crisis. They discuss the sectors which could take cuts in their
energy consumption to aid in this preservation. 

McWilliams and Tagliapietra paint a sober picture of Europe’s gas
supply-demand balance, stating that it will remain on a tightrope
walk for the next two years. They also describe the strong and
decisive actions that policymakers must continue to take to avoid
emergency.

Relevant publication:
McWilliams, B., S. Tagliapietra, G. Zachmann and T. Deschuyteneer
(2023) ‘Preparing for the next winter: Europe’s gas outlook for
2023’, Policy Contribution 01/2023, Bruegel