BAKU, Azerbaijan, April 26. The EU, if it pushes very hard indeed, may be able to replace some 75 bcm of Russian gas this year (versus 145 billion cubic meters imported in 2021), with about half of it coming from a combination of around 30 bcm of increased liquefied natural gas (LNG) supplies and 8 bcm of pipeline gas and the other half coming from reduced demand and additional wind and solar capacity replacing some gas-fired generating capacity, Trend reports via The Atlantic Council.
The analysis of The Atlantic Council shows that EU storage levels are far lower than average levels for this time of the year.
“Reserve replenishment is an EU priority, but to rebuild storage to levels seen over the last 5 years in time for the 2022-23 heating season, member states will need to inject around 20 bcm more gas by this October than last year. This only adds to the supply problems the EU is facing as it seeks to phase out its reliance on Russian gas.
While EU demand will encourage the development of major new ventures and the expansion of many existing projects for both natural gas itself and alternatives to natural gas, the most crucial aspect will be the timeframe for the implementation of new deliveries. What follows are the specific ways in which alternative gas supplies can help the EU achieve a radical reshaping of its gas balance over the next few years and the prospective timing for their potential impact on the EU’s overall gas balance.
Three timeframes are envisaged: the near term through 2022; the medium term through to 2024; and the long term from 2025. Examples summarized below are intended to be indicative of what can reasonably be expected to be on offer rather than an exhaustive assessment of all potential project options,” reads the report.
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