Europe’s vulnerability to the gas market has changed in recent years. Whilst its reliance on imports has remained stable, its gas supply has been more vulnerable to global market conditions since 2022, due to a shift in the composition of its imports. Furthermore, in 2026, the combination of high geopolitical risk in one of the main production regions and the pressure of climate change on European consumers has created an unprecedented situation, leading to price pressures and significant uncertainty regarding the short-term outlook.
