Ever since the global financial crisis and the onset of recession the demand for gas in Europe – particularly from the power generation sector – has steadily declined. In 2010 gas consumption in the EU and Switzerland was equivalent to 522 billion cubic metres (bcm) but by 2013 demand had dropped to 462 bcm. This fall of 60bcm in gas consumption is roughly equivalent to the annual gas consumption of Italy according to Eurogas 2014. However, gas consumption in 2014 appears to have bottomed out according to Professor Jonathan Stern, Natural Gas Research Programme, Oxford Institute for Energy Studies (OIES). Furthermore, he adds, “most forecasts see demand slowly turning round and increasing but it will not get back to 2010 levels until the early or mid (and in some projections late) 2020s.