Europe is aggressively securing LNG to fill gas storages to the brim and signing long-term supply contracts despite its ambitions for an energy transition and independence from Russian gas.
Earlier this week, reports emerged that Chevron was negotiating LNG deliveries for the European Union, looking at contract terms of 15 years. The news followed three other long-term deals that European energy companies closed with Qatar, one of the world’s largest exporters of LNG, in the past month. Germany has installed three floating LNG import terminals over the past year or so and is now working on three more. The EU, which has emerged as the biggest importer of U.S.
Limited storage capacity and lack of local production is also the reason why, despite the assurances that there is enough gas for the winter, Germany’s electricity market regulator recently said consumption needs to remain curbed to ensure adequate supply during the winter. Consumption is likely to remain curbed, whatever the amount of gas in storage or new shipments of LNG. The reason a tight global LNG market.
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