The first commercialised natural gas occurred in Britain and was used in 1785 to light houses and streets. The United States used natural gas for the same purpose in 1816, produced from coal. Over the next years, natural gas was used exclusively as a light source, and in 1885 Robert Bunsen's invention opened new opportunities for its use. After building effective pipelines in the 20th century, natural gas expanded to home heating and cooking. Furthermore, its use expanded to appliances such as oven ranges and water heaters, manufacturing and processing plants, and boilers to generate electricity.
Natural gas commodity is a vital fuel source as its use is to produce power, heat homes, and do other commercial, residential, and industrial functions. It is the cleanest-burning fossil fuel, abundant and cheap, making it a critical 'bridge fuel' during the transition to carbon-free alternatives such as wind, solar, and geothermal energy.
The amount of natural gas production, the level of natural gas in storage, and volumes of natural gas imports and exports are some of the major supply-side factors contributing to natural gas prices. In addition, variations in winter and summer weather, the level of economic growth, and the availability and prices of other fuels can cause large changes in natural gas prices, especially during the winter months.
The European Commission has endorsed gas and nuclear as 'green' transition energies, which means that both energy sources will make it into the EU's sustainable finance taxonomy. This is a technical rulebook that steers investors towards climate-conscious projects. The European Commission confirmed the place of fossil gas and nuclear on the bloc's route to reach net-zero by 2050.
