European gas demand is expected to decline this year as continued high prices make coal more competitive for power generation, while Asian demand growth could slow, the International Energy Agency (IEA) said on Monday. Last year, European gas consumption increased by an estimated 5.5% to 552 billion cubic meters (bcm). However, demand is expected to fall by around 4.5% this year to 527 bcm, partly driven by reduced burning of gas in the power sector which could fall by 6% from 2021, the IEA said in its quarterly gas market report. “Gas-fired power generation is expected to decline amid the strong expansion of renewables, while high gas prices continue to weigh on its competitiveness vis-à-vis coal-fired generation,” the […]