Europe’s confidence on gas may be premature

The region has made significant progress on reducing exposure to Russian gas, but despite rosy assessments by politicians, challenges remain

An unusually warm winter has helped Europe reduce its gas consumption significantly while aggressive spending has allowed most of the continent to improve its LNG regasification and pipeline infrastructure. However, major uncertainties loom over planned supply increases and demand reductions alike, and it is much too early to claim Europe has weaned itself off its heavy dependence on Russian energy. “Today, one year after the war began, [Russian president Vladimir Putin] has already lost the energy war he started,” announced Ursula von der Leyen, the president of the European Commission, in mid-February. “With European unity and a smart energy policy, we have withstood Russian pressure and f