Record liquefied natural gas (LNG) exports from the United States helped soften the blow to Europe from sharply lower Russian pipelined natural gas supplies in 2022, and will remain a vital energy source for the continent in 2023.
But the surging cost of U.S. LNG supplies - which have roughly doubled since late 2021 - look set to come under closer scrutiny in 2023 as governments, utilities and households across Europe move to mend tattered budgets.
Greater focus on costs - and cost cutting - is likely in 2023, however, which may bring into stark relief how Europe continues to depend on imported energy supplies even after the painful severing of ties with Russia.This in turn may further accelerate Europe's efforts to transition away from all fossil fuels even as the region looks set to further step up LNG imports from the United States and elsewhere to sustain vital energy supplies over the near term.U.S.
The journey time from Cove Point, USA to Brunsbuttel port in Germany - Europe's largest gas consumer - is roughly half that to the same port from Qatar, and a third of the journey time from Australia. This means that the United States will remain the primary supplier of LNG to Europe for at least 2023. This will likely generate even greater revenue for U.S exporters after a record 2022, which totaled $35 billion through September, compared to $8.3 billion over the same period in 2021, U.S. Energy Information Administration data shows.U.S. LNG exports are on course to average close to 10 million cubic meters a month in 2022, according to Kpler, compared to an average of 4.6 million in 2021.
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