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Working Paper

European Natural Gas through the 2020s: the Decade of Extremes, Contradictions and Continuing Uncertainties

May 2025 | Energy | Environment | Europe

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This paper examines in detail the interrelationships between the EU’s concerns, its energy policies, and the resulting challenges and uncertainties facing European gas through the rest of the decade, and beyond.

The European gas system has entered a structurally volatile phase defined by post energy crisis overbuild, dislocated demand trajectories, and a decoupling mandate under REPowerEU. This paper interrogates the contradictions between fossil lock-in through LNG import capacity and overcontracting, and policy-driven demand reduction. The EU’s pivot to flexible LNG procurement exposes pricing to global volatility, while decarbonisation hinges on electrification, demand-side retrofits and hydrogen feasibility—each encumbered by cost, infrastructure lag, and political friction. We assess Europe’s gas outlook through the decade’s residual volatility, policy ambivalence, and the emerging global LNG oversupply regime — a clash with geopolitical energy security imperatives, domestic backlashes against capital-intensive green technologies and market inertia. We argue that Europe’s energy system now operates in a zone of structural ambiguity—where security, sovereignty, economy and climate ambition remain deeply entangled, but as yet far from operationally aligned.

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