Share this Story: Slow start? European Union's LNG price plans explained [Financial Post (Toronto, Ontario, Canada)]
FLEX LNG Ltd. Ordinary Shares (FLNG)
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Source: Financial Post
LONDON — The European Union is working on a daily liquefied natural gas (LNG) price assessment as a first step towards launching a new European LNG benchmark price by the end of March. The idea is that LNG buyers and sellers could use the new benchmark as the basis for their contracts. LNG prices in Europe have historically been pegged to the Dutch Title Transfer Facility (TTF) gas hub price, a center of high volatility after Russia slashed pipeline gas deliveries to Europe last year. However, the EU Agency for the Cooperation of Energy Regulators (ACER) was unable to publish its first LNG assessment as scheduled on Jan. 13, citing a lack of sufficient data from market participants. Some market players question whether the new price is needed at all. WHY DOES THE EU WANT A NEW LNG PRICE? Europe's gas prices raced to record highs last year as Russia curtailed supplies and caused a squeeze that saw EU countries raise their LNG imports by 71% from the previous year, according to
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