CEIX - Biden's plan to reduce Europe's dependence on Russian gas

Friday, the White House released a statement announcing the creation of a task force to reduce Europe's dependence on Russian fossil fuels. As expected, the statement focused largely on medium-term natural gas supply, with few market-moving, short-term solutions.  The most tangible points included a plan for the US to "work with international partners and strive to ensure additional LNG volumes for the EU market of at least 15bcm in 2022." Separately, the statement indicated EU member states will ensure "until at least 2030, demand for approximately 50bcm/y of additional US LNG."  In the context of Russian gas imports, ~165bcm annually, the measures do little to reduce reliance on Russian fuels. However, the measures have important implications for US energy investors.  Additional 2022 supplies to Europe will come from increased production at Sabine Pass train 6 (LNG), and Calcasieu Pass. Both facilities began production in late 2021, and supplies are largely contracted with

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Biden's plan to reduce Europe's dependence on Russian gas