Impact of Russia-Ukraine War on Energy Markets Series – 17 – European Gas Markets

In this latest OIES podcast James Henderson talks with Mike Fulwood, Jack Sharples and Anouk Honoré about the latest events impacting the European and global gas markets. The discussion opens with a review of recent pricing trends and the drivers of them, before moving on to consider Russian gas flows into Europe, and especially the events surrounding Nord Stream 1. We also discuss non-Russian gas imports to Europe, and look at the plans for new LNG import terminals, particularly in North West Europe. Our analysis of storage stocks looks at the overall EU position but also considers the levels of gas already stored in a number of individual countries, and this leads on to a discussion of the most vulnerable countries in Central and Eastern Europe in the event of a complete cessation of Russian gas imports. The conversation then moves on to emergency plans for the winter, looking at the overall plans outlined by the EU before moving on to a more detailed review of the plans being put in place in Germany, the EU’s largest gas market and the one most exposed to imports from Russia. Anouk talks through three key pillars of the German plan and also looks at how the German authorities are encouraging all consumers to constrain energy demand over the next six months.