Europe Replaces Most Russian Gas but Faces New Supply Risks

Four years after the Nord Stream pipeline explosions, Europe has replaced most of the gas it once received from Russia. Increased imports from Norway, American liquefied natural gas and lower consumption have helped close the gap.

The shift has changed the balance of Europe’s gas supply. Norwegian deliveries and US LNG now play a larger role, reducing dependence on Russian gas while making alternative suppliers more important to the continent’s energy security.

Lower consumption has also been central to the adjustment. Europe has not simply replaced lost Russian volumes with imports from elsewhere; reduced demand has lessened the amount of gas it needs to secure.

Yet replacing most of the missing supply has not removed the risks. Europe is now more exposed to price swings and shortages of LNG cargoes, leaving it vulnerable even as its reliance on Russian gas has diminished.