European demand for natural gas is likely to surprise on the upside between 2010 and 2015, as new gas turbine power capacity will come on stream, says Bernstein. Sees LNG as the only solution to fuel new power capacity, as European and Norwegian production is expected to decline, while Gazprom's (GAZP.RS) exports won't rise materially until 2017 and Algerian output has hit plateau. Expects European gas consumption to grow at a minimum of 1.8% CAGR between 2010 and 2015, versus only 0.7% CAGR growth between 2000 and 2009.
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