The U.S. natural gas revolution: will Europe be ready in time?

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The U.S. natural gas revolution: will Europe be ready in time? Paolo Natali Transatlantic Academy The German Marshall Fund of the United States Washington DC, 25 April 2012 pnatali@transatlanticacademy.org

Summary The new global gas glut and Europe’s position Market structures as functions of the past Infrastructure vs governance in the European network What policy options for Europe? Policy recommendations

Regional natural gas prices Source: U.S. Energy Information Administration 2012. Argos, Heren, Platts front month prices, 2012.

LNG Terminals in Europe

European natural gas market and main import sources

Source: ENTSO-G, The European Natural Gas Network, March 2012.

The future of the global gas market

Backup Slides

European LNG capacity increasing in the medium term

Today: not huge but significant capacity in a 500bcm market