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Direct from this article: https://foreignpolicy.com/2022/08/26/europe-energy-crisis-na...
Normally, Europe can refill its gas storage during the summer and coast in the winter, when usage is higher. Now, with colder months looming and Russia’s tightening chokehold on natural gas flows, Europe has been locked in a race against time to fill its tanks, which leaders have stocked by paying eye-watering prices. So far, experts said, European nations have been largely on track with their plans—but that doesn’t mean that they will be out of the woods come winter.
In the winter, Europe typically “uses a lot of what it has in storage while, at the same time, importing lots of gas from other sources,” Munton said. “It needs both. But as we think about this winter, there is a very real threat that there won’t be any Russian gas at all.” In normal times, Russian gas supplies about 40 percent of European imports.
Without Russia’s supply in the winter, Munton added, European nations will be forced to rely on imports of liquefied natural gas (LNG) even more from suppliers such as the United States. The problem is that Asia—a larger LNG market—is also vying for the same supplies, which means prices are always going to be higher than old piped gas from the East.
“That’s really the crisis that Europe and the world confronts,” he added.
As Europe abandons Moscow’s energy supply, many leaders have rushed to secure alternative deals and supplies with other countries. Italy has secured more gas from Algeria while other nations have turned to Azerbaijan, Norway, and Qatar. Germany has also expressed its hopes for a new LNG deal with Canada, which in turn has been considerably less optimistic. Others have invested considerably more into LNG infrastructure, with Germany racing to build five floating LNG terminals and the Netherlands, Finland, and Italy all preparing for more floating units to import gas.