European countries should invest in gas pipelines in the short term and re-gas facilities in the medium term, according to Capgemini’s World Energy Markets Observatory 2022 report.
Other short term measures include reopening the Groningen gas field and buying as much LNG “as possible” considering spare spot volumes and capacity constraints, it states.
The present crisis highlights the strategic importance of LNG re-gas terminals, reverse gas flows, gas storage and coordinated purchase.
While global natural gas consumption rebounded by 4.6% in 2021, more than double the decline seen in 2020, Russia’s invasion of Ukraine endangers the continent’s security of energy supplies, the report states. In 2021, the EU consumed 400 bcm of gas, of which 45% came from Russia.
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