I have bad news for all of you here. If anyone thinks that we can replace all the Russian gas with alternatives, mostly LNG by only paying a little more for it we must do a little reality check. The volumes simply are not there. A country like Germany takes about 40% of its gas from Russia. That amounts to way more than 30 bcm of gas per year. Two terminals would be able to take that kind of volume but they need to be on the big side. And they still need construction. Plus, there needs to be more LNG as others need it too. We are about 5 years away from replacement assuming we get going right now.
European natural gas surged as much as 60% as supply fears were compounded by traders trying to avoid exposure to a key Russian player in the market.