Europe has survived the energy crisis in the winter of 2022 due to the warm winter and energy consumption restrictions. However, in 2023, there may be a natural gas shortage of 60 billion cubic meters in Europe.

Last year, the EU targeted 15% reduction in gas demand and 5% reduction in electricity demand in response to the energy crisis. However, gas consumption only decreased by 13% year on year to 430 billion cubic meters.

This year, the European Commissioner for Energy will implement the TTF natural gas price trigger mechanism, which can avoid the sharp increase in energy expenditure of enterprises and households due to the surge in natural gas prices. It can also follow the fluctuation of global LNG prices to ensure that EU countries can purchase natural gas from the global market at a competitive price. In addition, the joint purchase of natural gas is a new tool deployed by the European Union to limit the soaring energy costs caused by the Russian pipeline gas supply interruption after the Russia-Ukraine conflict.