June 22, 2024

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Gas-Addicted Europe Trades One Energy Risk for Another

2 min read

Rather than replace Russian fuel with next-generation renewables, the continent has increasingly turned to American natural gas. But it’s risky, too.

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(Bloomberg) — Europe, long-reliant on Russian natural gas, has nearly severed its dependency on the Kremlin in less than two years. Its preferred replacement — gas from the US — is widely viewed as abundant, politically palatable and less likely to be choked off than pipelines from Siberia.

It’s also growing riskier by the day.

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On Friday, the White House announced the polarizing decision to halt the approval of new export permits for liquefied natural gas, or LNG, amid a backlash from climate-minded voters. The pause, which won’t affect those plants already under construction or in operation, threatens to delay or even derail some of the massive projects expected to hit the market toward the end of the decade and beyond.

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Bloomberg News

2024-01-27 08:25:21

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