This past summer, European countries struggled to maintain adequate natural gas supplies because of the war in Ukraine…reports Asian Lite News
Washington is increasing its export of natural gas to its European allies to support their energy security needs, with the majority going to France, Britain, Spain and the Netherlands, media reported.
The exports are part of long-term contracts to support EU nations, according to Brad Crabtree of the Office of Fossil Energy and Carbon Management at the US Department of Energy, who was speaking during a briefing on Monday.
He said the US, as the world’s top producer and exporter of natural gas, plays a key role in helping European countries diversify their energy supplies, which would allow them to sustain their economies and maintain social and political stability, the Arab News reported.
According to Crabtree, the US LNG exports reached a high of 122 billion cubic meters per year in March. It is expected to reach 132 billion by the end of this year, 153 billion in 2024, and roughly 204 billion per year by the end of the decade.
This past summer, European countries struggled to maintain adequate natural gas supplies because of the war in Ukraine, which also caused an increase in prices, it reported.
With large supplies coming from the US, European countries were able to mitigate the economic and political impact of shortages.
Crabtree said the US government has not held back on supporting its allies and have already authorized exports to the EU totaling four times current levels, to 490 billion cubic meters, it was reported.
Emergency energy package
A package of emergency energy measures proposed by the European Commission last month to mitigate the effects of the current energy crisis should be adopted by the end of November.
October meeting of the EU member states’ energy ministers in Luxembourg “showed that our efforts to secure the approval of the package of measures to reduce energy prices … are on the right track”, said Jozef Sikela, the Czech Republic’s Minister for industry and trade.
“That is why I am calling another extraordinary meeting of the Council of Ministers on November 24, where we will finish everything,” Xinhua news agency quoted Sikela, who is also the Council chair, as saying.
The package includes joint gas purchasing, the creation of a transaction-based benchmark for the price of liquefied natural gas (LNG), and default solidarity rules between member states in case of energy supply shortages.
“The package has a number of important elements that we will jointly work on, to be ready for adoption at the next extraordinary Council,” Kadri Simson, European commissioner for energy, said.
The joint purchasing of gas tops the agenda for the member states’ energy ministers, according to Sikela and Simson.
The goal is to reduce uncoordinated bidding for gas supplies, make access to gas fairer and potentially reduce prices.
The process should start immediately after the end of this heating season, EU officials said.