«Problems of economics and management of oil and gas complex»

Transformation of the european gas market is a fragile foundation of the european union energy security

UDC: 339.977
DOI: -

Authors:

¹ St. Petersburg State Economic University, St. Petersburg, Russia

Keywords: European gas market, European Energy Strategy, global LNG market, global LNG market infrastructure

Annotation:

The significant changes in the European countries energy landscape, caused by the shift of the state economic policies priorities from national interests to shared political attitudes, have transferred the current state of the gas market in Europe to a new energy system based on the supply of American liquefied natural gas. The article seeks to answer the question of to what extent this shift in the European energy paradigm can lay a solid foundation for sustainable economic development in the member states of the European Union, contributing to achieving stated goals in energy independence of the region. The basis of the energy independence should be broad diversification of energy sources, while maintaining an attractive price level of the required energy resources. The authors of the article examine the main trends in the development of the current landscape of the European gas market as well as present a comprehensive analysis of the existing and potential infrastructure of the global liquefied natural gas (LNG) market, based on statistical data from various information and analytical agencies. The authors of the article also consider the key factors that significantly influence the formation of gas prices in the EU countries.

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