EU member states agreed to continue cutting their gas demand by 15% compared to the five-year average until Mar. 31, 2024. The emergency legislation started applying in August 2022 to help the bloc refill its gas stocks and mitigate its unprecedented gas shortage following the Russian pipeline supply cuts.
The Netherlands’ plans to boost its LNG import capacity by a quarter to 30 bn m3 a year by 2026 could allow the country to fully replace the 9 bn m3 of Russian gas it imported prior to Russia’s export cuts to the EU. Like several other EU countries, the Netherlands is turning to LNG to help ensure its security of gas supply while also implementing measures to cut gas demand in the short and long term.
Three out of the four LNG import terminals in France are offline for a week amid a national strike affecting multiple sectors in the country. The terminals affected represent over 60% of the French LNG import capacity. LNG is essential for the security of supply of France and its regional neighbors.
Germany’s third LNG import terminal completed its first commercial delivery on Feb. 16. The country is fast-tracking the launch of several floating terminals between this winter and the next to help replace the lost Russian pipeline supplies as fast as possible but these new capacities alone will not be enough.