On April 13, 2022, Energy Futures Initiative (EFI) CEO Ernest Moniz was quoted in a Financial Times article by Derek Brower on how the Biden Administration has responded to changing global natural gas markets. Moniz was noted as optimistic, saying the scale of the supply crisis could force policy debates to “leave their silos” and lead to solutions for both energy security and climate change.
With supply fluctuations in the past year and now the recent war in Ukraine, Europe has gone from trying to wean itself off U.S. liquefied natural gas (LNG) imports to turning to U.S. imports to replace those from Russia.
“When all is said and done, the big change will be in the gas markets,” Moniz said. To this point, he referenced the LNG supply deal, saying, “The agreement for Europe to provide a stable 50bn cubic metres per year market for US LNG by 2030 is a rather substantial commitment in terms of displacing Russian gas.”
EFI is engaged in ongoing work on global gas markets and their role in both a decarbonized energy future and global security. Late last month, EFI released a report on input from stakeholders in Asia, who said they are relying on U.S. LNG both to avoid reliance on Russian imports and to lower their greenhouse gas emissions. Last year, EFI released an in-depth report on the role of natural gas for every region of the world, including Europe.
– Sonia Velazquez
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