Offtake was strong at the start of the year, but demand looks set to fall across many major European markets.
Although the power sector will still support the UK’s overall gas demand, its offtake is not expected to be enough to raise the country’s appetite for the fuel on an annual basis over the coming months. Weaker demand for electricity and competition from renewables will put pressure on gas-fired power. Gas is forecast to generate 16% of the UK’s electricity during the summer (April-September), according to the outlook from National Grid. However, gas-fired power output could drop by as much as 14% year on year, cutting the sector’s demand for the fuel.
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