Europe is entering the most treacherous terrain yet in its bid to move away from Russian energy — and the U.S. can only provide limited help, at least for now.
— in no small part because the U.S. shifted much of its Asia exports over to European customers.Anna Mikulska, an expert in gas markets and geopolitics, tells Axios that while U.S. companies have ramped up liquefied gas shipments to Europe, greater competition for those suppliesAnd either way, it's still just a small share of European needs. Replacing the entirety of the gas Europe received from Russia last year is taller order, and won't come from any one country.The U.S.
That means a tricky dynamic when it comes to Europe's development of new import infrastructure and pipelines. Projects often rely on long-term contracts, but officials are standing by vows to deeply cut greenhouse gas emissions in the years and decades ahead even as nations need more gas now. Major new gas infrastructure "kind of goes against often what's acceptable in many of the countries by both the government and the society, because they feel that one shouldn't be grandfathering natural gas into the system," Mikulska tells Axios.EU energy ministers will gather Friday to discuss emergency measures to shield residents and industries from sky-high power and gas costs.
The crisis is already prompting European nations to unveil major aid packages to support consumers, including Germany's $65 billion plan announced over the weekend.
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