Agreement to source LNG from the US goes some way to solving Europe's dependence on Russia. But more needs to be done to achieve true independence.
The US is targeting LNG exports to Europe of 50 billion cubic metres by 2030 but, even then, that would only amount to just under a third of the EU's current gas imports from Russia.
Many EU countries, most notably Germany, do not have the terminals required to receive LNG cargoes. Olaf Scholz, the German chancellor, confirmed on Thursday this week that Germany will begin construction of two new LNG terminals later this year but, in the meantime, the lack of terminals will limit the country's ability to receive gas in this way.
LNG costs more than gas delivered via pipelines because of the time and expense involved in liquefying it, transporting it and then regasifying it. Diverting or reallocating LNG cargoes may actually suit the US because European gas prices are among the highest in the world and it will make more money selling to the EU than to buyers elsewhere.
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