PARIS—Only a few months ago, Russian officials were taunting Europe about a brutal winter to come, and the continent was bracing for an energy crisis of historic proportions.
A continentwide push to save energy and a spate of mild weather have put Europe on track to dodge the debilitating energy crunch that many feared when Russia cut the continent’s natural-gas supplies last year.
Households and businesses across Europe are consuming significantly less energy than expected, even given record-setting warm weather that has lingered across the region over the last three weeks. High prices have delivered a powerful incentive to use less gas and electricity. And public-education campaigns launched by governments to encourage energy saving appear to be working, officials and analysts say.
“There’s a consciousness about how we use energy, and how much it costs, that is greater than ever before,” said Brian Motherway, head of the International Energy Agency’s efficiency division. “The response has been quite striking.”
The reduction in demand has provided a security buffer for Europe’s gas supplies, which have shifted away from Russia since the invasion of Ukraine to other producers, mainly the U.S. and Norway. The biggest source of new supply has been imported liquefied natural gas, principally from the U.S.; the continent is racing to build new LNG terminals, with the most recent opening Friday in Lubmin on Germany’s north coast. Europe’s gas storage is around 82% full, well above normal levels of around 65% at this point in winter.
The German port of Lubmin has opened a new terminal for liquefied natural gas.
Photo:
Krisztian Bocsi/Bloomberg News
The unexpected supplies are prompting economists to upgrade their economic forecasts for the region. They have also blunted what little leverage Russian President
has left to dissuade Europe from supporting Ukraine.
Europe’s energy woes are far from over. Analysts say a key…
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