European gas prices have fallen over 15% in the past three months, with a decline of nearly 40% this year.
This comes as a significant drop in demand occurred due to efforts made by companies and households during an unusually mild winter.
The International Energy Agency has reported a 13% drop in gas demand in 2022, which is the largest on record.
This should lead to a decline in inflation and energy bills.
Last year, Russia's troops entered Ukraine's eastern Donbas region, leading to Germany halting the certification process for the Nordstream 2 pipelines.
This led to a significant drop in Russia's gas exports to the European Union by 43%.
As a result of this, European gas prices have fallen 40% in the first two months of this year.
The drop occurred due to a decrease in demand, as people and companies cut back their gas usage.
The International Energy Agency's quarterly report stated that this is the most significant drop on record, with a 13% decrease in gas demand in 2022.
The Telegraph reports that this should help Europe reduce inflation and energy bills.
However, The Al Jazeera highlights how Russia's invasion of Ukraine negatively impacted Europe's energy relationship, with Germany halting the Nordstream 2 pipeline certification process, leading to a drop in gas exports to the EU.