The International Energy agency has revealed that lng now makes up 35 of europes energy supplies, not far off the 40 contribution that russia made before it was sanctioned over ukraine. Joining me now is ben mcwilliams, whos an Affiliate Fellow at bruegel. Thank you very much for being with us today. What are your concerns about where gas prices could go if these workers do indeed strike . This is certainly a concern, but to be clear up front, nothing comparable to last year. The position we are in is that, as you mentioned, as russian Pipeline Supplies have been cut over the last 12 months, the eu and uk have become more dependent on liquefied national gas. Natural gas. Australia typically supplies asia. If it were cut to asian consumers, we would see asian consumers turning around and looking to qatar and competing with european buyers there, which would in turn have some Knock On Effect on prices. As it had last week, 40 increase from around 30 to 36 euros just nothing like close to
through so quickly into the eu market price. we through so quickly into the eu market price. through so quickly into the eu market rice. ~ ~ ., ., , market price. we know there has been an effort market price. we know there has been an effort made market price. we know there has been an effort made to market price. we know there has been an effort made to boost - been an effort made to boost lng production, or certainly infrastructure here in europe since the russian invasion of ukraine. how quickly is that come on stream? 0ther producers who could fill the gap left by an australian work stoppage? iiit an australian work stoppage? t t terms of quick in the structure development for europe, that was all about the capacity to receive lng. you can deploy rapidly in about six months. engines are rapidly deploying supply, engines are rapidly deploying supply, that is not possible. it is six to ten year timelines here. but there is an existing market. there is a big global market, qat
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