War Forces Europe to Keep Long-Term Gas Deals It Once Resisted [Business News Network (BNN) (Canada)]
NextDecade Corporation (NEXT)
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Source: Business News Network
The war in Ukraine is driving Europe's energy firms to sign long-term deals to secure alternatives to Russian gas. The continent needs such agreements to fill the gap of losing supplies from Russia, its biggest provider of the fuel. It's a turnaround for European buyers, which have long fought to break free from the multi-decade contracts often tied to the price of oil and favored by Russia. While such deals ensure security of supply, they curb buyers' ability to benefit from low prices in the short-term, or spot, market. But as Europe seeks other sources to Russia's gas, it's finding that alternative suppliers want long-term commitments, too. That's especially apparent in the market for liquefied natural gas, which is expected to be one of the main pillars in Europe's efforts to cut dependence on Russian gas. French utility Engie SA on Monday agreed to buy LNG from NextDecade Corp.'s proposed export terminal in Texas for 15 years. Meanwhile, Germany is rapidly setting up LNG i
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