• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 43 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 20 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 19 hours How Far Have We Really Gotten With Alternative Energy
  • 20 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 3 days Bankruptcy in the Industry
  • 3 mins e-truck insanity
  • 10 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days The United States produced more crude oil than any nation, at any time.

Germany May Not Use All Its New LNG Capacity, But It Is Still Necessary

Germany may end up using less LNG import capacity than it has planned to roll out this decade, but better safe than sorry, the chief executive of the top German utility, RWE, said in an interview with German business magazines Der Stern and Capital.

“It may be the case that the LNG terminals are not fully utilized. But you need them as an insurance premium,” RWE’s CEO Markus Krebber said in the interview published on Wednesday.

RWE is leading the project for one of the floating storage and regasification units (FSRUs) that German utilities have chartered to start importing LNG as soon as possible. RWE is also a shareholder in one fixed import terminal that Germany has planned.

Germany no longer receives Russian gas via Nord Stream, which was sabotaged in the autumn of 2022. Even before that, Russia had slashed pipeline flows via Nord Stream, citing Western sanctions that prevented gas turbine maintenance.

Faced with the prospect of no Russian gas this winter, Germany rushed to install FSRUs. Two of those FSRUs are already operational, while a third is in the commissioning stage.

Europe’s biggest economy plans to have as much as 70.7 million tons per year of LNG import capacity by 2030, which will make it the fourth-largest LNG import capacity holder in the world, Argus reported last month, citing plans by the German economy ministry and RWE.

Germany plans to have a total of 10 FSRUs, some of which will be removed and replaced by onshore regasification facilities once they are built. The rush to have LNG import terminals as soon as possible will make Germany the fourth largest import capacity holder behind the major Asian LNG buyers South Korea, China, and Japan.

Governments in Europe, including Germany, are now more comfortable with the gas supply situation for the rest of the winter. But Germany has now turned its focus to restocking with gas for the next winter and continues to stress the importance of saving gas.  

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News