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Critical energy cooperation between the UK and European Union

This paper examines the critical energy cooperation between the UK and European Union. The United Kingdom has emerged as a critical participant in the European Union’s gas market, thanks to its substantial contributions and its proximity to the region. In the year 2023, the UK’s net pipeline imports to the EU totalled over 15 billion cubic meters (bcm), accounting for roughly 15% of the EU’s overall gas imports for that year.

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Falling short of transforming the European gas sector

Major European gas – consuming nations are projected to reduce gas consumption by an average of 30% by 2030 compared to 2019 levels, signalling a marked decline in gas usage. However, this trajectory falls short of the requirements outlined in the REPowerEU initiative to achieve climate neutrality. Links to the country specific reports: France country analysis Germany country analysis Hungary country analysis Italy country analysis This analysis covers France, Germany, Hungary and Italy, as collectively they are responsible for approximately 55% of EU gas consumption. Source: E3G  

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What now for Russian oil and gas production and exports?

This report looks at the impact of sanctions on Russian oil and gas production and exports and assess the outlook for both in terms of overall volumes and direction of flows. In addition, it also analyses how the Russian economy has been affected by reduced export revenues and consider what the future implications might be. Source: OIES

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European gas market recovering after the Russian supply shock but new challenges ahead

ACER’s monitoring report finds that the European gas market is recovering after the Russian gas supply shock, but new challenges are emerging. 2023, European gas wholesale prices remained volatile but decreased as sound gas market fundamentals counterbalanced perceived geopolitical risks. In 2024, the likely non-renewal of the Ukraine gas transit agreement might disrupt regional gas balances. But a resilient & supply-diversified EU gas market will soften the blow.

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