What It Will Mean as Europe Frees Itself From Russian Energy
Europe has benefited from relatively cheap natural gas from Russia for decades. But for all the talk now of diversifying away from this supply, the plain reality is that it will not be easy to find alternatives. It will be a yearslong undertaking.
The continent imports roughly 40 percent of its natural gas from Russia. That’s an enormous amount. Liquefied natural gas from the global market would be the main substitute, but competition will be intense and prices are likely to rise and remain high. Consumers will bear the burden. But even if a premium must be paid for energy security, an added benefit could be an accelerated transition to cleaner fuels.… Seguir leyendo »
