New LNG Regasification Terminals in Europe
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May 24, 2022
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Natural gas is the second largest source of energy in the European Union, accounting for ~25% of total. In 2021, consumption in the EU amounted to 412 bcm, up by 4% compared to 2020.
While pipeline gas still accounts for the majority of total gas imports, the share of LNG has increased significantly over the last decades, reaching 24% in 2024, supported by the development of additional infrastructure.
As of May 2022, 11 EU Member States were LNG importing countries, for a total regasification capacity of 160 bcm per year, and a total storage capacity of 7.65 million of m3 LNG.
Prior to the war in Ukraine, a limited number of projects were either under construction or advanced across Europe. This situation has changed significantly since March 2022, with more than 20 projects announced or accelerated, for a potential total of more than 120 bcm/year of capacity, around 80% of total imports from Russia in 2021.
In particular, largest natural gas importing countries are looking for solutions to cut reliance on Russian gas in the next years. This is the case for Germany, where Russian gas accounts for ~50% of supply and which currently has no LNG import terminals. Seven projects have since been announced or accelerated, with the booking of four Floating Storage and Regasification Units (FSRUs) and a public funding of ~EUR 3bn. Other countries are also developing strategies to reduce dependency in Russia, with LNG considered as part of the solution.
Published
May 24, 2022
Key Contacts
Senior Managing Director