This monitoring report covering 2019 is published against the backdrop of an unprecedented and ongoing health crisis with important repercussions for the EU energy sector. Economic lockdowns associated with the crisis have resulted in severe reductions of energy consumption throughout the EU1. In the case of gas, EU demand fell by 8% YoY up to May 2020. Since the beginning of the summer, demand destruction has been easing but has not reached pre-lockdown levels.
These exceptional circumstances coincide with a possible reconsideration of elements of the gas market regulatory framework, in view of the sharp uptake in decarbonised gasses and the looked for enhancement of the integration of energy sectors, all while ensuring the ongoing functioning and further establishment of a competitive and integrated Internal Gas Market (IGM).
Policy makers are scrutinising the necessary policies under the so-called Green Deal strategy2, including possible financial support that should contribute to achieving climate goals3. This support will be framed throughout areas such as the expansion of renewable power generation, clean hydrogen production, energysaving building renovations and sustainable mobility. MSs National Recovery Plans to overcome the COVID-19 crisis shall also significantly back-up climate investments.
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