Europe's growing reliance on LNG exposes it to potential supply shocks due to geopolitical tensions and competition with Asia.
Europe remains vulnerable to possible shocks in natural gas supply as its exposure to LNG trading and supply has grown, Stefano Venier, CEO of one of Europe ’s biggest gas grid operators, Snam , told Bloomberg. “We are in a fragile situation given geopolitics and now — in Italy and Europe — we have exposure to LNG trading,” Venier told Bloomberg TV in an interview on Thursday.
“The stop of the transit agreement will not have a significant impact on the available gas Italy has for next winter, given also the storage levels,” the executive said. Europe’s gas storage is already 95% full, according to data from Gas Infrastructure Europe. However, gas in storage wouldn’t cover Europe’s needs for winter, and the volumes of gas in storage are slightly lower compared to this time last year, mostly due to lower numbers of incoming LNG cargoes.
Europe LNG Snam Supply Security Middle East Russia Storage Winter Demand Prices
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