ACER: Regulators’ Monitoring Identifies Enduring Impacts From The Disruption Of Russian Gas

Today the annual report monitoring the internal gas market in 2022 and 2023 is published. This ACER-CEER report provides an overview of the latest developments in European gas markets and examines the drivers of the gas price spikes in summer 2022.

What are the key findings and lessons?

The report highlights the lasting impact of the Russian supply shock on the EU energy market and the steps done to overcome the supply dependence. The EU's integrated gas system has had to adapt in order to overcome the Russian supply shock. However, gas supply overall is still overall tight, exposing EU prices to unexpected developments.

Multiple factors will shape the future resilience of EU gas markets, including:

increased reliance on LNG;
reducing gas demand;
revenue redistribution; and
the role of underground storage.

European gas prices will be more exposed to global competition and hence will be more volatile. The reduction in conventional gas demand shall assist the EU’s decarbonisation goals. Yet, it needs to be done smoothly in order to preserve the economic activity and the security of supply that gas offers to the EU’s energy system.

Access the European gas market trends and price drivers report and explore ACER’s interactive dashboard.

Also today, the European Securities and Markets Authority (ESMA) publishes its report examining the development of gas trading activity in summer 2022. ESMA analyses reveal a well-maintained trading activity despite a more challenging trading environment.