STORY: The EU traditionally depended on Russia for 40% of its gas needs
But it is now racing to find alternatives to see it through winter
The 27-member bloc is aiming for storage at 80% full by November
But that still leaves a big gap, which may get bigger if Moscow cuts supplies
Leon Izbicki, Energy Aspects.
"A complete halt to Russian flows would undoubtedly be Europe's worst-case scenario for this winter as the continent is unlikely to be able to source sufficient supplies from other producers to offset such a significant supply disruption."
The market for the alternative LNG was already tight before the Ukraine crisis
European imports of LNG are up 58% in the first five months of 2022, compared to 2021 levels
But factors like weather make it harder to ramp up delivery of LNG than piped gas
Germany, France and Poland have laid out plans to address shortages
But any rationing will exact a heavy economic cost
And be felt by homeowners, who can expect little respite from sky-high fuel prices