As late as the beginning of this year, Europe’s policy on gas import pricing was being formulated in the buyers’ market that had been dominant since a 2008 price crash. Those conditions no longer apply.
Europe needs to execute a rapid volte-face on how it contracts to buy natural gas from international suppliers from outside Russia if it is to lessen its energy dependence on Moscow.
The joint EU-US communique of last week encouraging US liquefied natural gas exports to Europe is helpful, but not sufficient. Directing or redirecting spot market cargoes from the US to Europe is relatively easy to support. A short-term fix is also easier to reconcile with European climate commitments to long-term net zero carbon emissions.
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