Reduced gas flows via the Nord Stream 1 pipeline have further complicated the plan to fill gas storage units across Europe.
In absolute terms, U.S. liquefied natural gas exports to Europe stood at 37 billion cu m for the first six months of the year, constituting 68 percent of total U.S. exports of LNG. This means actual exports beat President Biden's promise to send Europe's way an additional 15 billion cu m of LNG on top of 2021 exports. because of the explosion at Freeport LNG, which led to the suspension of operations at the facility until about the end of the year.
Germany, however, is facing a problematic heating season. Europe's biggest economy is already sputtering because of lower Russian gas deliveries and has already had to pay more than $15 billion to bail out one of its biggest gas utilities, Uniper, which collapsed amid soaring prices and lower Russian deliveries.
If gas supplies remain tight throughout the EU, however, there may not be many coming to Germany's rescue, based on some southern members' reactions to the whole solidarity and consumption cut proposal. "European countries will need to work together fast if they are to survive the winter relatively unscathed and even if they do, the spectre of the next winter in 2023/24 is likely to keep prices elevated for months on end," Siemieniuk added.
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