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ECB and cheap gas to blame for heat pump slump, says lobby group
The Brussels lobby group for heat pumps has blamed a 5% slump in 2023 sales on higher interest rates and cheap natural gas, based on a 16-country analysis. European sales of heat pumps – a key technology to decarbonise the heating sector – saw a 5% slump in 2023, a first for the industry that had previously experienced non-stop growth for more than a decade. In an analysis covering the biggest European markets, the Brussels representation of the sector – the European Heat Pump Association (EHPA) – found that “cheap gas and expensive bank loans” were the main culprits. Amid record inflation in the past two ... (full story)