Europe raced to shore up its energy supplies in the wake of Russia’s invasion of Ukraine, and it appears to have averted a worst-case scenario this winter — largely thanks to liquified natural gas.
For years, Europe was heavily dependent on Russian pipeline gas. But when Russia attacked Ukraine, and Europe could no longer count on those gas flows, it pivoted hard to LNG, a flexible energy source that comes largely from the United States, Qatar, Australia and Algeria.
Europe has successfully filled its gas storage capacity to 95%, which means all should be OK this winter. But next winter is a different story.
Because Europe was so reliant on Russia, it has limited LNG import capacity. European countries are scrambling to build new infrastructure to be able to import more of it.
CNBC visited the only LNG terminal in Greece that receives, stores and turns the critical fuel back into gas. Watch the video above to learn more.
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29 Comments
How convenient the US is now suddenly ramping up supply specifically for the EU markets. Nothing to see here…..
In the meantime Spain is like… "Hello? I've got the biggest infraestructure for LNG?"
Europe should just drill for its own gas. Problem solved.
indeed europe has succeded its gas storage but with soaring price
Great now Greece can escape their stereotype of always being in debt to germany
That's why the US and UK blew up the North stream Pipelines. Germans wake up.
I love this video
Now EU can proudly claim that they don’t buy Russian gas!🤪
Belgium has a major LNG capacity as well. A bit odd you mention France, as they're heavily relient on Belgium to back them up because their nuclear power plants capacity is heavily dwindled. Germany is also relying on Belgium for energy/gas. A bit odd that you chose Greece as a "combatent" for Europe's energy crisis. LOL 🙂
A Big W for Greece,At least Germany is not gonna tell them to pay their debt.
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Wow this solves everything,No it doesn't!
LNG only costs 30% more… I am sure the consumers will be happy.
I the mean time Russia 🇷🇺 is getting Rich very Rich and China 🇨🇳 is getting all the Cheap Russian Pipe line gas and Europe is going to become poor and sink in to a dark age
Long live LNG.
After letting China buy up the ports, I'm surprised the Germans didn't do something dumb like rely on North Korea for food.
Germany is using the Belgian LNG terminal that is big enough to feed a third of Europe. Germany also has a floating terminal since recently. The price of LNG is still up to 3X more expensive in some situations …
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If only Renewables were pushed hard and not some interests did Russias beating and block and frustrates the progress
It's called fossil gas!
Nothing about if the station effects the ocean life or not?
I love how you think eu ends on Germany, without mentioning PL fixed terminal great reporting 🎉
About a decade ago Greece was seen as a mistake by other EU members but now it’s realizing it’s importance. The EU is an inconsistent institution and a very unstable one at best!
Bye bye Russia!
Russia will lose very soon all it'd energy income
Europe needs to simultaneously work to GET OFF GAS. LNG is expensive and a greenhouse gas.
Move to heat pumps and induction stoves.
Europe should have put more effort into green energy, and less effort telling america how bad we are. there economy can go FURTHER into the toilet for all I care.
The USA is to blame for all the mess that's going on…
Immediately free the use of nuclear energy, everyone needs it…..
Fossils can run out and the earth is getting warmer….
Ohh… and I thought that the Greek island was helping Europe by exporting solar and wind power. Instead, no, it's "helping" importing dirty, expensive LNG obtained via fracking. CMBC, at the forefront of energy obsolesence, right?