{"id":30894,"date":"2026-09-21T15:20:02","date_gmt":"2026-09-21T13:20:02","guid":{"rendered":"https:\/\/www.engie.com\/articles\/la-situation-actuelle-nest-pas-comparable-a-la-crise-energetique-de-2022\/"},"modified":"2026-09-21T15:59:58","modified_gmt":"2026-09-21T13:59:58","slug":"the-current-situation-is-not-comparable-to-the-2022-energy-crisis","status":"publish","type":"articles","link":"https:\/\/www.engie.com\/en\/explore\/news\/the-current-situation-is-not-comparable-to-the-2022-energy-crisis\/","title":{"rendered":"\u201cThe current situation is not comparable to the 2022 energy crisis\u201d\u00a0"},"content":{"rendered":"\n\n<div id=\"block_74b95e82e502a097b8396e87eedc7be5\" class=\"cp-edito-herobanner relative teq-container  noBg z-0 !pt-[115px] lg:!pt-[150px]\">\n    <!--<div class=\"auras-bg  w-screen left-1\/2 -translate-x-1\/2\" data-color=\"soft\"><\/div>-->\n    <div class=\"teq-grid relative z-0\">\n        <div class=\"col-span-12  px-0 lg:col-start-2 lg:col-span-10 hero-top\">\n\n            <div class=\"teq-grid\">\n                <div class=\"col-span-12 desktop-only  \">\n                    <nav role=\"navigation\" aria-label=\"breadcrumb\" class=\"mb-24 cp-breadcrumb desktop-only\">\n            <ol id=\"custom-breadcrumb\" class=\"nj-breadcrumb\"><li class=\"nj-breadcrumb__item\"><span><a href=\"https:\/\/www.engie.com\/en\/\" class=\"nj-link nj-link--sm nj-link--grayed nj-link-icon\">\n        <span aria-hidden=\"true\" class=\"material-icons\">\n            home\n        <\/span>\n        <span class=\"nj-sr-only\">\n            Home\n        <\/span>\n     <\/a><\/li>  <li class=\"nj-breadcrumb__item\"><a href=\"https:\/\/www.engie.com\/en\/explore\/\">Explore<\/a><\/li>  <li class=\"nj-breadcrumb__item\"><a href=\"https:\/\/www.engie.com\/en\/explore\/news\/\">News<\/a><\/li>  <li class=\"nj-breadcrumb__item\" aria-current=\"page\">\u201cThe current situation is not comparable to the 2022 energy crisis\u201d\u00a0<\/li><\/span><\/ol>    <\/nav>                <\/div>\n            <\/div>\n\n                            <div class=\"title mt-4\">\n                    <h1 data-trad class=\"nj-heading--2xl nj-weight--bold flex flex-col \">\n                        <p>\u201cThe current situation is not comparable to the 2022 energy crisis\u201d<\/p>\n                    <\/h1>\n                <\/div>\n            \n            <div class=\"infos flex flex-wrap items-center gap-16 mt-32\">\n\n                                    <div class=\"tags flex flex-wrap gap-8 items-center\">\n                        <div class=\"nj-tag nj-tag--sm bordered nj-tag--green\">\n    <p class=\"nj-tag__text force-dark\" data-trad>\n        Gas    <\/p>\n<\/div>\n    <!--\n    <div class=\"nj-tag\">\n        <p class=\"nj-tag__text\">tag<\/p> <span aria-hidden=\"true\" class=\"nj-tag__icon nj-icon-material material-icons\">check<\/span>\n\n    <\/div>\n    -->\n\n                    <\/div>\n                \n                                    <div class=\"time flex gap-4 items-center whitespace-nowrap nj-color--signature\">\n                        <span aria-hidden=\"true\" class=\"material-icons nj-icon-material nj-icon-material--blue\">schedule<\/span>\n                        <span data-trad>Published on<\/span> <span class=\"lowercase\" data-trad> 21 Sep. 2026<\/span>\n                    <\/div>\n                \n                            <\/div>\n        <\/div>\n    <\/div>\n    <div class=\"teq-grid  lg:mt-80 relative w-[100vw] left-1\/2 !pb-0 -translate-x-1\/2 toPin px-0 z-10\">\n        <div class=\"img col-span-12 nj-bg--dark mt-8 lg:mt-0 relative\">\n            <div class=\"nj-fluid-progress-bar absolute -top-[6px] left-0 w-[90%] lg:w-[75%]\"><\/div>\n                        <div class=\"flex justify-center items-center w-full nj-bg--ultramarine py-0 lg:py-[164px] lg:h-screen media-c\">\n                <div class=\"w-full h-full lg:h-screen overflow-hidden\">\n                    <div class=\"w-full h-full lg:h-screen overflow-hidden relative\">\n\n                                                    \n                            <picture class=\"block w-full h-full scale-[1.3] media scale-125 \" style=\"margin:  0 auto\">\n                                <source media=\"(max-width: 767px)\"\n                                    srcset=\"https:\/\/www.engie.com\/app\/uploads\/2026\/09\/Header-ITW-Laurent-Nery-mobile.webp\" \/>\n                                <source media=\"(min-width: 768px)\"\n                                    srcset=\"https:\/\/www.engie.com\/app\/uploads\/2026\/09\/Header-ITW-Laurent-Nery.webp\" \/>\n                                <!--TODO AMBRE if zoom ajotuer classe : open-modal-zoom cursor-pointer  -->\n                                <img decoding=\"async\" class=\"w-full h-full object-cover\"\n                                    loading=\"eager\"\n                                    fetchpriority=\"high\"\n                                    src=\"https:\/\/www.engie.com\/app\/uploads\/2026\/09\/Header-ITW-Laurent-Nery.webp\"\n                                    alt=\"Adobe Stock : oksa_studio\" \/>\n                            <\/picture>\n\n                        \n                        \n                        \n                        <div class=\"transcription hidden\" data-video=\"\" data-video-webm=\"\">\n                                                    <\/div>\n\n                    <\/div>\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\n\n\n<div id=\"block_39209c73f0f376cdf09e4703a7810782\" class=\"cp-introdution teq-container relative nj-aura nj-aura--white\">\n    <div class=\"teq-grid\">\n        <div class=\"col-span-6 lg:col-start-3 lg:col-span-8 2xl:col-span-6 2xl:col-start-4 relative top text-center\">\n                        <div class=\"nj-heading--sm relative z-10 nj-color--grey-1000\" data-trad data-trad-html>\n                <div class=\"el-wysiwyg data-trad\">\n    <p>As the conflict in the Middle East pushes up gas prices and complicates the replenishment of European gas storage facilities, <a href=\"https:\/\/www.linkedin.com\/in\/laurent-n%C3%A9ry-88703b34?originalSubdomain=fr\" target=\"_blank\" rel=\"noopener\" aria-label=\"Laurent N\u00e9ry - New tab\">Laurent N\u00e9ry<\/a>, Head of Market Analysis at ENGIE, assesses the risks for this winter. He also looks at the progress Europe has made since the 2022 Russian energy crisis to reduce its dependence on gas.<\/p><\/div>\n            <\/div>\n            \n                    <\/div>\n    <\/div>\n<\/div>\n\n\n\n<div id=\"block_0f4cefca78d41b11c45f6d4a7b6d8aa6\" class=\"cp-media-text teq-container relative nj-aura nj-aura--white \">\n  <div class=\"teq-grid relative\">\n    \n    <div class=\"col-span-6 lg:col-span-12 relative   \">\n        <div class=\"teq-grid\">\n          <div class=\"col-span-6 lg:col-start-1 lg:col-span-6  order-1 lg:order-none mt-32 lg:mt-0\">\n            <div class=\"media-wrapper relative aspect-[528\/330] \">\n\n              \n                                                <picture>\n                  <source media=\"(max-width: 767px)\"\n                    srcset=\"https:\/\/www.engie.com\/app\/uploads\/2026\/09\/Laurent-NERY-2.webp\" \/>\n                  <source media=\"(min-width: 768px)\"\n                    srcset=\"https:\/\/www.engie.com\/app\/uploads\/2026\/09\/Laurent-NERY-2.webp\" \/>\n                  <img decoding=\"async\"\n                    class=\"w-full object-fit-cover aspect-[528\/330]\"\n                    src=\"https:\/\/www.engie.com\/app\/uploads\/2026\/09\/Laurent-NERY-2.webp\"\n                    alt=\"\" \/>\n                <\/picture>\n              \n            <\/div>\n\n                        <div class=\"transcription hidden\" data-video=\"\" data-video-webm=\"\">\n                            <\/div>\n            <p class=\"nj-text--xs italic mt-8 \" data-trad>\n              Laurent N\u00e9ry, Head of Market Analysis at ENGIE            <\/p>\n          <\/div>\n\n        <div class=\"col-span-6 lg:col-span-4 lg:col-start-8 mt-32 lg:mt-0\">\n\n                      <h2 class=\"nj-heading--lg font-bold nj-color-link\" data-trad data-trad-html>\n              <p>After a significant decline in strikes in August, fighting has resumed in the Middle East. What impact are you seeing on gas prices?<\/p>\n            <\/h2>\n          \n                      <div class=\"wysiwyg mt-16 nj-color-link\" data-trad data-trad-html>\n              <p>The renewed conflict has interrupted the restart of Qatar\u2019s LNG (liquefied natural gas) exports and increased pressure on market gas prices. Over the past two months, short-term prices have risen from \u20ac40 to more than \u20ac70\/MWh in both Europe and Asia. They reflect market expectations that Qatari exports could remain disrupted for an extended period, potentially beyond the 2026\u20132027 winter. However, prices remain well below the extreme levels reached in 2022.This situation is playing out against a backdrop of competition between Europe and Asia for LNG cargoes. The closure of the Strait of Hormuz since early March has reduced the availability of LNG volumes for Europe. While Chinese imports have declined compared with 2025, other Asian buyers, such as South Korea, have recently made significant purchases in preparation for the winter.<\/p>\n            <\/div>\n          \n                  <\/div>\n      <\/div>\n    <\/div>\n  <\/div>\n<\/div>\n\n\n\n<div id=\"block_98c6dea02f28ac98bf98a5069d16a5f7\" class=\"cp-wysiwyg teq-container nj-aura nj-aura--white\">\n    <div class=\"teq-grid \">\n        <div class=\"col-span-6 xl:col-start-2 xl:col-span-10 lg:col-start-1 lg:col-span-12 \">\n                        <div class=\"teq-wysiwyg\">\n                <div data-trad data-trad-html><h2>Should we be concerned?<\/h2>\n<p>Despite the decline in Qatari exports, global LNG production was actually slightly higher in the first eight months of the year than during the same period in 2025. Increased exports from the United States and Canada, along with high production levels in Nigeria, Australia and Norway, have absorbed much of the shock.<\/p>\n<p>Over the longer term, new liquefaction capacity should further ease market conditions. Even in a scenario where Qatari exports remain constrained for an extended period, the global LNG market could return to a supply surplus as early as 2028.<\/p>\n<h2>What is your outlook for gas storage levels in Europe?<\/h2>\n<p>Storage levels are expected to be close to 75% at the end of September. This historically low level, which also reflects the fact that inventories were already low at the beginning of the storage injection season, could increase price volatility. Nevertheless, at this stage, there is no risk to security of energy supply.<\/p>\n<p>Markets will be closely watching the pace of withdrawals and storage levels in early January 2027. That could be when upward pressure on prices reaches its peak.<\/p>\n<h2>What about France?<\/h2>\n<p>France is expected to meet the regulatory target of having its gas storage facilities 85% full by early November. The situation is tighter in Germany and the Netherlands, where storage levels are lagging.<\/p>\n<p>However, the situation needs to be assessed at the European level, as the gas market is highly interconnected.<\/p>\n<h2>Has Europe learned the lessons of the 2022 Russian energy crisis?<\/h2>\n<p>In 2022, Europe faced an immediate risk of gas supply disruptions following the halt in Russian pipeline deliveries. Today, at this stage, there is no risk of a physical gas shortage in Europe. The main consequence of the current crisis is increased price volatility.<\/p>\n<p>To answer your question, Europe has indeed strengthened its resilience since 2022, thanks to five factors:<\/p>\n<ul>\n<li>more diversified sources of supply;<\/li>\n<li>LNG imports;<\/li>\n<li>European gas storage filling mechanisms;<\/li>\n<li>lower gas consumption; and<\/li>\n<li>better coordination among EU member states.<\/li>\n<\/ul>\n<h2>What are you seeing in European electricity markets?<\/h2>\n<p>They remain exposed to fluctuations in gas prices linked to the crisis in the Middle East, but the growth of renewable energy in Europe is mitigating the impact. In recent years, solar and wind power generation has increased significantly, while thermal power generation has declined.<\/p>\n<p>Unsurprisingly, power systems in countries with the most decarbonized energy mixes, such as France and Spain, are less sensitive to fluctuations in gas prices. It is also worth noting that nuclear power generation in France has returned to normal levels, well above the depressed levels seen in 2022.<\/p>\n<\/div>\n            <\/div>\n                    <\/div>\n    <\/div>\n<\/div>\n\n\n\n<div id=\"block_d7cb11899e65aab4bf6c9f790f27457f\" class=\"cp-ai-questions teq-container nj-aura nj-aura--white relative\">\n        <div class=\"teq-grid top\">\n            <div class=\"col-span-12\">\n                <div class=\"flex justify-center mb-16 eva\">\n                    <svg width=\"55\" height=\"24\" viewBox=\"0 0 55 24\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n    <path\n        d=\"M40.8014 17.1059L38.5783 11.0303C38.4688 10.7608 38.3551 10.4408 38.2372 10.0703C38.1194 9.6998 38.0015 9.29981 37.8836 8.87035C37.7741 9.29981 37.6604 9.70401 37.5425 10.083C37.4246 10.4535 37.3109 10.7777 37.2015 11.0556L34.991 17.1059H40.8014ZM46.8012 24.0026H44.1739C43.8792 24.0026 43.6392 23.931 43.454 23.7879C43.2687 23.6363 43.1298 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