Demand for gas across Europe is expected to decline this year, as soaring prices make coal a more competitive option, the International Energy Agency (IEA) said on Monday. Last year, European gas consumption increased by an estimated 5.5 percent to 552 billion cubic meters (bcm), despite prices soaring worldwide amid a global supply chain crisis. But in 2022, IEA expects demand to decline by over 4 percent to 527 bcm, partly driven by reduced burning of gas in the power sector which could fall by 6 percent compared to 2021, the IEA said in its quarterly gas market report. “Gas-fired power generation is expected to decline amid the strong expansion of renewables, while high gas prices continue to weigh on its competitiveness vis-à-vis coal-fired generation,” the report said. “Distribution network-related demand is foreseen declining on lower space heating requirements, assuming a return to average weather conditions in Q1 and Q2 after an unseasonably cold …