Europe still hooked on Russian gas

LNG alone will not be enough to guarantee Europe’s energy security, and the continent may face demand destruction, analysts agree

Europe has seen no shortfalls in contracted Russian gas supplies and no significant drop in flows as a result of the war in Ukraine as yet, says Trevor Sikorski, head of natural gas and carbon research at consultancy Energy Aspects. And there is little optimism that Europe has many options but to continue to flow Russian gas unless either the Kremlin halts deliveries or European public opinion grows for major economic and lifestyle sacrifice. High spot prices continue to incentivise nominations, and the Nord Stream 1 pipeline is flowing normally, although flows on the Yamal-Europe route through Belarus and Poland remain low. The gas markets have priced in the risk of supply being reduced, as