U.S., E.U. announce new partnership to reduce the continent's reliance on Russian energy, the start of a years-long initiative to further isolate Moscow after its invasion of Ukraine.
The Associated Press
That longstanding practice meant the 27-nation bloc could not simply stop Russian energy imports as part of Western sanctions to punish Moscow for the invasion a month ago. It will take huge investments, and getting more liquefied natural gas to Europe could be difficult. U.S. export facilities are already operating at capacity, and most new terminals are still only in the planning stages. Most U.S. shipments already go to Europe.
Yet, LNG can’t simply be conjured out of thin air. It requires export terminals that turn the gas into super-chilled liquid, then a reception terminal on the other end to turn it back into gas form to go into Europe’s pipeline system. The terminals cost billions and take years to build. With gas prices high from an energy crunch and the war's jolt to volatile energy markets, terminals and tankers around the globe are fully booked already, leaving customers competing for available shipments.
The U.S. has been dramatically increasing its LNG exports in recent years, and most already go to Europe, according to the Center for Liquefied Natural Gas, an industry lobbying group. Although much of the supply is already contracted out to buyers, there are still opportunities to shift its destination.
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