Europe's Gas Use Down In September As High Prices Hit The Industry

• Europe slashed its gas use in August and September as industries cut production in response to soaring prices and scarce Russian supply, although the cuts were unevenly spread between countries.
• Overall gas use in the 27-nation European Union plunged by 14% in August compared with the five-year average for the month, and by 15% in September, according to the latest data from the EU statistics office Eurostat.
• With little call on gas-fuelled heating over the summer, the curbs were delivered by industry and, in some cases, the electricity sector as gas prices hit record highs, driven by Russia's move to cut supplies to Europe following its invasion of Ukraine.
• "That is really industries shutting down or significantly reducing their gas use," said Simone Tagliapietra, a senior fellow at think-tank Bruegel, adding that the lasting impact of such closures on Europe's industrial base was not yet clear.

(Source: Reuters)