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Europe imported about the identical quantity of Russian liquified pure fuel (LNG) from January to September 2023 because it did throughout the identical interval final yr — however some international locations skilled notable will increase.
Spain and Belgium doubled imports of LNG from Russia throughout this era, year-on-year, whereas France noticed Russian LNG imports rise by 40 %, a report revealed on Tuesday (31 October).
Roughly 27 % of Spain’s imported LNG for this era got here from Russia, and Belgium relied much more closely on Russia for 37 % of its LNG. France, for its half, had 15 % of its LNG coming from Russia.
Following the Russian invasion of Ukraine in February 2022, the EU vowed to chop reliance on Russian fossil-fuels however shortly bumped up towards considerations it was substituting one type of air pollution for an additional.
New information from theInstitute for Vitality Economics and Monetary Evaluation’ (IEEFA) LNG tracker exhibits that European international locations are nonetheless increasing LNG infrastructure, at the same time as LNG and fuel demand are anticipated to dwindle.
Europe has elevated its LNG capability, with six new LNG terminals coming into operation for the reason that starting of 2022.
And plans for brand new regasification LNG terminals are set to convey Europe’s LNG capability to 406bn cubic meters (bcm).
Nevertheless, LNG demand won’t exceed 150bcm in 2030, revealing a possible surplus, in line with the institute’s forecasts.
“The decline in fuel demand is difficult the narrative that Europe wants extra LNG infrastructure to succeed in its vitality safety targets. The information is exhibiting that we do not,” mentioned Ana Maria Jaller-Makarewicz, an vitality analyst from the IEEFA.
“Nations in Europe danger buying and selling a reliance on Russian pipelines for a redundant LNG system that additional exposes the continent to risky costs,” she additionally mentioned.
In the meantime, the present proposed EU fuel buildout of LNG infrastructure by 2030 is estimated to price roughly €22.1bn, in line with World Vitality Monitor. About €4.2bn is related to terminals or pipelines already underneath development.
EU spent €5.5bn on Russian LNG
LNG imports from the US have jumped since 2022 — making the US the EU’s high provider, accounting for 46 % of the bloc’s whole provide.
However Russia comes second, offering 12 % of LNG provide for the entire EU.
Among the many EU member states, Spain is the most important importer of Russian LNG, adopted carefully by France and Belgium.
From January to July 2023, Spain paid €1.6bn for Russian LNG, making it the most important purchaser within the EU. France and Belgium weren’t far behind, chipping in with €1.3bn every for his or her Russian LNG imports.
Total, the EU spent about €5.5bn on Russian LNG, in line with the IEEFA report.
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Earlier this yr, EU vitality commissioner Kadri Simson known as on member states to cease shopping for Russian LNG and chorus from signing new LNG agreements with Russia.
Regardless of requires an embargo on Russian LNG as a part of EU sanctions towards Moscow, the bloc is just not anticipated to limit LNG imports.
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