Engie CEO Expects European Gas Demand Destruction to Persist
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Engie SA expects the drop in Europe’s industrial gas demand caused by the price surge after Russia’s invasion of Ukraine to persist.
“Depending on the size of these customers today, we have not seen the demand recovery from what happened last year,” Chief Executive Officer Catherine MacGregor said on Engie’s nine-month earnings call on Tuesday. “We have a range of 10% to 20% demand destruction, depending again on the type of activities of our customers, and we think that this is here to stay to a large extent.”