Regasifiers and savings. Independence from Russian gas is almost complete

Russia has failed to bend Europe by using natural gas as a weapon of blackmail. The diversification of supplies, the savings of businesses and households and the mild winter allowed the European Union to arrive at the end of March with stock levels well above the average and with prices returning to stable quotations – from over 300 euro/ MWh at around 40 euro/MWh, the lowest since August 2021. However, we are not out of the woods, as Moscow still has the capacity to put pressure on the economies of the European Union. According to the International Energy Agency (IEA), if in 2023 Russian gas exports to Europe drop to zero and Chinese LNG imports return to 2021 levels, there is a risk of a supply shortage. Furthermore, if this year’s temperatures return to the 2017-2021 average, an additional 11 billion cubic meters (bcm) of gas would be needed.