The Nord Stream 2 pipeline from Russia to the EU has been scrapped. It is far from clear what will replace it.
of Germany’s energy consumption in 2020, according to the IEA—half the proportion it was in 2005. Simply switching back on nuclear power is neither politically nor practically feasible. Plans to phase out coal power in Germany, currently penciled in for 2030, may need to be reconsidered. “We have to move from dogmatism to reality,” says Bros. “We have to address our energy policy in a more climate-realistic way.
Yet it’s not just Germany that will now be feeling the squeeze: Europe’s countries have a spider’s web of pipelines that connect them together, meaning gas that arrives anywhere on the continent can be shipped elsewhere.are either proposed or under construction across Europe, costing €72 billion. Germany’s loss of a giant gas supply source is also Europe’s gap to fill.
How they fill it is less certain. European domestic gas production, which was already suffering a long-term downturn, is about to pick up pace significantly. Production in European countries except Norway is forecast toin the next five years, according to the IEA.
The UK is losing its might as a significant source of gas—and the chance of that changing any time soon is slim. On February 10, UK energy authoritiesthe country’s only two shale gas wells shut permanently after they halted production in 2019 due to earth tremors. Shale gas production has never come to fruition in the UK like it has in the United States, but did hold promise of a potential new source of gas to replace increasingly tapped-out North Sea supplies.
The obvious solution to fill any supply shortfall is to ship in gas on tankers. Liquefied natural gas imports helped insulate Europe from previous record-high gas prices—close to the €2,000 per 1,000 cubic meters Medvedev has now threatened—in December, becoming more long-lasting when initial worries about an invasion of Ukraine first spooked the markets.
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