European Gas Market Restructuring: Interests of Importing Countries and Gas Exporting Companies

The article focuses on the process of restructuring natural gas market in Europe. It is shown that transformation European taking place under decisive influence political decision Commission and governments EU largest consuming countries, first, to reduce consumption as much possible shortest time; second, replace Russian with imports from alternative sources. As both tasks have highest priority, countries act within framework political, not logic, regardless significant economic costs. To hedge against very high prices introduced since 15 February 2023 correction mechanism, capping price above. also expected mandatory filling storage facilities at least 90% their capacity before winter season would pressure downwards. Natural exporting companies operate a system coordinates are ready participate transforming only extent does contradict interests. politicization cooperation between US interstate level cannot change behavior companies. Given uncertainty regarding perspective demand for Europe, interested concluding long-term contracts export-import “take or pay” basis. Europe’s unwillingness massively engage into import-export LNG readiness bear additional costs form elevated will allow short-term period make profits spot market.