Abstract
In this paper we research the development and competitiveness of the LNG (Liquified Natural Gas) market in the European Union, especially in its member states located in west and south of Europe. First, we analyze legal and regulatory framework at the EU level, under which LNG terminals and facilities operate. In addition to content analysis, we also compare trends in the European LNG market with trends in other regions, especially in the Asian LNG market. The result of the research highlights the changed structure of the EU's gas market, characterized by larger imports of liquefied natural gas, especially since the end of 2018, as well as increased number of terminals and capacities for receiving liquefied gas. However, the growth in the share of liquefied gas in total import was not linear in the previous years. As a part of the discussion we examine three possible scenarios regarding the future of LNG market in the European Union, and we conclude that the perspective of LNG in the market will primarly depend on price competitiveness comparing it to pipeline gas transport.
Highlights
The energy market has undergone significant changes in the last few decades, which can best be seen in the example of the EU energy market
Liquified natural gas (LNG) sector may face challenges that will lead to a decline in interest for LNG imports, due to greater competitiveness of gas supplied by pipelines or other energy sources, as well as possible coping with the decarbonization process and achieving high environmental standards and goals
More than a few are advocating for cessation of using natural gas as a part of the strategy of switching to renewable sources. This would affect the LNG sector, which would contribute to a general decline and regressive tendencies in this sector. When it comes to competitiveness, i.e., perspective of competitiveness of the LNG market in the EU, it’s important to start from the existing regulatory framework without which the tendencies and current situation on the natural gas market cannot be understood, and how the LNG market in Europe differs from LNG markets in other regions of the world
Summary
In this paper we research the development and competitiveness of the LNG (Liquified Natural Gas) market in the European Union, especially in its member states located in west and south of Europe. In addition to content analysis, we compare trends in the European LNG market with trends in other regions, especially in the Asian LNG market. The result of the research highlights the changed structure of the EU’s gas market, characterized by larger imports of liquefied natural gas, especially since the end of 2018, as well as increased number of terminals and capacities for receiving liquefied gas. As a part of the discussion we examine three possible scenarios regarding the future of LNG market in the European Union, and we conclude that the perspective of LNG in the market will primarly depend on price competitiveness comparing it to pipeline gas transport
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