Russia’s invasion of Ukraine has caused significant disruption to global energy segments. Europe has felt the biggest impact as a significant buyer of oil, and particularly gas, from Russia. In fact, Russia accounted for 35.5% of Europe’s gas supply in 2021. As the volume of gas coming from Russia has fallen, Europe has been scrambling to secure supplies on the wider global segment. This has boosted the fortunes of liquid natural gas (LNG) suppliers such as Australia, Qatar, and the United States, all of whom have seen revenues increase substantially, which has boosted the business case for further investment in liquefaction terminals in these countries to increase exports. In Europe, countries have boosted investment in LNG regasification terminals, with demand for floating terminals, which can be brought online very fast.
• Even before the invasion, investment in renewable energy was forecast to be high, but the invasion has led a number of countries to increase their spending.
• In fact, the European Union has mandated the acceleration of renewable energy. China and India have both increased their renewable investment programs.
• Southeast Asian countries that had plans to make gas a significant part of their energy mix are now reconsidering this strategy and focusing more on renewable energy.
Sign up for a complimentary Growth Pipeline Dialog™
A Growth Pipeline Dialog is a structured open discussion with our growth experts providing unparalleled market intelligence, technology insights, and proven implementation best practices. This discussion will spark innovative thinking and help generate a pipeline of growth opportunities you can leverage to maximize your company’s future growth potential.