Page 125 - RusRPTSept22

The volume of EU's LNG imports was up 51% y/y in January-May this year. Qatar, with whom the EU is seeking a long-term agreement for LNG supply, increased its gas exports by 23.6% y/y. But the winner in the EU gas market reshuffle has been the US, whose LNG exports to Europe have skyrocketed by 176% y/y
The bill the EU pays for gas has soared. LNG sourced from the global market is a rather expensive alternative for Russian natural gas. In H1 2021, ICE Dutch TTF gas prices (used for pricing European LNG contracts) averaged 21.7 EUR/MWh; in contrast, prices averaged 101 EUR/MWh in H1 2022. More recently, TTF gas prices soared: As of 12 August, they were 206 EUR/MWh.
125 RUSSIA Country Report September 2022 www.intellinews.com