European imports of seaborne gas shipments fell by a fifth last year to their lowest level since the pandemic, according to a new report, while the UK’s plunged by nearly a half, but governments are continuing to spend billions on new import terminals.
The Institute for Energy Economics and Financial Analysis (IEEFA) found that Europe’s imports of liquefied natural gas, known as LNG, fell by 19% last year to lows not seen since 2021 as governments worked to replace fossil fuels with renewable energy.
However, a wave of fresh investments in new LNG import infrastructure after Russia’s invasion of Ukraine has moved ahead, which could mean that infrastructure worth billions will sit idle in the years to come, the institute warned.