How Europe Kept the Lights On: The Gas Suppliers of 2025

Europe entered 2025 at a level of energy security that would have seemed out of reach only a few years ago. Gas storage exceeded 70% in January, an exceptionally high level for the season, while overall demand remains roughly 15% lower than in previous years. This decline is not temporary but the result of several factors that have permanently reshaped the continent’s energy landscape. Mild winters have reduced heating needs, the energy‑saving policies adopted after 2022 have now become embedded in industrial and household behavior, and the gradual de‑industrialization in certain sectors, especially in Germany, has lowered demand in ways that will be difficult to fully reverse.







