All eyes will be on gas and power demand in 2024 as the market looks for signs of recovery that were conspicuously absent in 2023. The ICIS view is that industrial gas and power demand will start to revive in the second half of the year and into 2025, but the resurgence will be slow-going with very limited upside from the largest industrial consumption subsector
of chemicals.
On the residential side, macroeconomic factors will be at least as important to the behaviour patterns of consumers as the direct gas and electricity costs they are facing. ICIS anticipates that increases in household purchasing power over the course of 2024 and into 2025 will lead to a gradual recovery of residential gas and power demand. However, with wholesale prices remaining close to double pre-crisis levels, a strong bounce back in demand levels is unlikely to be seen.
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