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GRAPHIC-Lower European gas prices encourage switch from coal

09 Jun 2023


By Nina Chestney and Forrest Crellin

LONDON/PARIS, June 8 (Reuters) - Lower European wholesale natural gas prices due to swelling inventories and weak industrial demand have encouraged utilities to switch to gas from coal to generate electricity in a reversal of behaviour last year.

A surge in European gas prices to record highs caused by reduced Russia supplies after Moscow invaded Ukraine in February last year led utilities to switch to carbon-heavy coal even as the European Union (EU) seeks to meet climate targets that depend on increased use of lower carbon fuel.