The European natural gas market has been in crisis this winter, with prices skyrocketing north of $100/MMBtu recently. Tight supplies, low storage levels, and a new gas-supply-security issue sparked by the war in Ukraine has many European nations, especially Germany, embarking on a crash course to increase supplies and diversify away from Russian gas imports. In this quest, increasing gas supplies in both the short- and long-term is a top priority and will require substantially more LNG capacity to replace — and eliminate the need for — Russian gas. With Europe’s gas-supply urgency on the rise, long-dormant prospects for exporting LNG from Canada’s East Coast are being re-examined. In today’s RBN blog, we look at the potential for repurposing the region’s only LNG import terminal into one that is geared toward exports.
You Still Believe in Me, Part 2 – Could Europe’s Gas Needs Revive Eastern Canada’s LNG Export Prospects?
