Russian Gas Supply Disruption:Germany's Economic Adaptation and Demand-side Responses
The outbreak of Ukraine crisis has led to a gas supply and price crisis in Europe.After Russia cut off Germany's gas supply in the summer of 2022,Germany's supply and demand gap widened rapidly due to its dependence on Russian pipeline gas.In this case,in order to restore the balance between supply and demand in the natural gas market,the supply side first makes adjustments,and the demand side also shows greater potential.This paper analyzes the large but manageable economic costs of shifting Germany away from Russian gas and examines the adjustment process of the German economy.German households and businesses adapted to the disruption of Russian gas supplies in ways that had the least impact on the economy:households reduced gas demand by turning down their thermostats;companies turn to other fuels or fuel suppliers and import energy-intensive products.Despite higher gas prices in 2022,demand-side adjustment and alternative supplies have helped German households,as well as most German industrial gas users,get through the crisis.
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