As is replacement gas for customers. A suicide pact. Not Europe's first.
“Replacement for gas customers is a long way away.”
“As is replacement gas for customers.”
There is a huge difference.
More than half of Russia’s former volume of gas sent to Europe has already been replaced. From over 40% of Europe’s use to under 20%.
When the Freeport LNG terminal in Texas and the Willhelmshaven LNGterminal in Germany start up later this year, they will handle another 8% of Germany’s use - contracts signed, checks cleared. That that LNG terminal at Willhelmshaven is one of eight new ones funded in Germany since the start of the war in February (5 by the Government, plus 3 privately owned). Three of those new German terminals will start operations this year.
Other of these huge LNG terminal ships, called Floating Storage and Regassification Units (FSRUs) are contracted for Greece, Italy, France, Portugal, the Netherlands, Finland and Latvia.
All those that will be available for the next few years are already contracted to Europe. Not one is left to expand export capacity from Russia, and the wait for new ones is years long.
Bottom Line: With some conservation measures and high prices, Europe has already replaced enough Russian gas to get through this Winter. Russia will not be able to send gas from their fields that used to serve Europe to other customers for many years, if ever (once capped, those wells hard and expensive to restart).