Alexey Belogoryev, Deputy Principal Director on Energy Studies of the Institute for Energy and Finance, commented to the Ekonomika Segodnya magazine on the possibility of increasing LNG supply on the European market in 2023-2024.
From December 22, the Germans will start receiving LNG from the terminal in Wilhelmshaven. However, the commissioning of the new infrastructure will not bring additional volumes of gas to the German market and will not solve the problem of the lack of Russian fuel, Aleksey Belogoryev, Deputy Director for Energy at the Institute for Energy and Finance, noted.
The terminal in Wilhelmshaven will not produce new volumes - for this, the Germans need to find suppliers, but there will be a positive effect. Germany will reduce the cost of transporting gas to the end consumer and the cost of its regasification.
“If we talk about the prospects for Germany in 2023-2024, it should be noted that there is a low probability of a significant increase in LNG supplies to the single market of the European Union and the UK,” the expert concludes.
Otherwise, this project is a “thing in itself”: new LNG terminals, and there are plans to build five of them in Germany, will not be completely filled.
“They will be completely filled no earlier than in 2025, when a sharp increase in LNG production in the world is expected, and primarily in the American direction, which should radically change the balance of power in the European gas market,” Belogoryev states.
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