XOM - Europe changes tune on energy security - more coal and US LNG

Nearly four months have passed since Russia invaded Ukraine, and over the weekend Europe took its first major policy steps towards increasing energy security. Although Europe has taken several steps to reduce energy purchases from Russia, and although utilities have aggressively purchased gas (UNG) and coal (XAL1:COM) on seaborne markets, the official policy response thus far has been "more of the same." The continent has up until this point stuck with plans to reach net zero targets, the Netherlands stuck with plans to reduce coal power generation while shutting the continents largest gas field, and Germany continues to plan for a shuttering of its nuclear power fleet (OTCPK:SRUUF).  However, over the weekend, Germany announced plans to restart mothballed coal power plants (BTU). German utility EnBW Energie signed 20-year contracts with Venture Global LNG for 1.5mtpa of US LNG supply. Austria, having eliminated coal from its power grid only two years ago,

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Europe changes tune on energy security - more coal and US LNG