Abstract
Europe's gas markets are at widely varying stages of development; some
markets, such as Germany and the UK, have sophisticated market structures
reflecting their long histories as gas consumers. Conversely, some markets
such as Spain and Portugal, are comparatively new consumers of gas and have
immature infrastructures and markets. Significant differences also exist in
terms of gas self sufficiency, the role gas plays in each country and in
future demand growth rates. Despite these differences, all markets in Europe
are united by the fact that gas demand over the short to medium term is
certain to increase as economic growth, greater supply availability,
environmental concerns and legislation and a concerted movement towards gas
fired power generation all combine to drive demand. As this demand grows, and
as indigenous supply becomes increasingly depleted, Europe will become more
dependent on other sources of supply. North African and Russian gas will
increasingly penetrate the European market, whilst gas from further afield, in
the form of LNG, will also significantly gain market share.
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