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The EU Allows Members to Ban Russian LNG as Imports Climb

1. EU Allows Banning Russian LNG as Member States Buy More

- The European Parliament approved rules this week allowing the regional bloc's respective governments to ban Russian LNG imports on a national level by preventing Russian firms from booking gas infrastructure capacity.

- Meanwhile, Europe's reliance on Russian LNG has been increasing, according to Kpler data last year saw record imports of liquefied gas with 15.54 million tonnes discharged into EU ports.

- In 2024 so far the pace of Russian imports is even higher, with Russia currently accounting for 16% of the continent's LNG supply, up from 12.75% for the first four months of 2023.

- Most of the Russian LNG exported to Europe comes from the Yamal LNG plant, in which European energy majors such as TotalEnergies and Naturgy have long-term offtake agreements with end dates between 2038 and 2045.

2. Proliferation of AI Power Centres Creates Huge Drag on Electricity Grids

- Global electricity consumption from data centers is expected to double over the next three years, reaching 460 TWh in 2022 and surging past 1,000 TWh by 2026, equal to Japan's power use.

- Northern Virginia leads the world in total power capacity with over 2,500 MW installed, surpassing Beijing which boasts a little below 2,000 MW of capacity, as utilities are increasingly tapping into the lucrative opportunities offered by AI.

- US utility firm Dominion Energy (NYSE:D) has been the most…

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