According to a new report from the Institute for Energy Economics and Financial Analysis (IEEFA), European imports of liquefied natural gas (LNG) fell by 19% last year, reaching the lowest levels since the pandemic. The UK saw an even steeper decline, with imports plunging by 47% amid unprecedented low gas demand. Despite this decrease, government spending on new import terminals is rising, risking overinvestment as the energy transition accelerates. Additionally, while the US became a major LNG supplier, EU imports from Russia surprisingly increased, highlighting the ongoing complexities in energy dependency and policy shifts.
European imports of seaborne gas fell significantly last year, revealing the shift towards renewable energy amidst soaring costs and geopolitical strains.
Although gas imports have decreased, heavy investments in new LNG infrastructure continue, raising concerns about potential underutilization.
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