The European Union is considering the possibility of supporting investments in liquefied natural gas (LNG) infrastructure abroad and switching to long-term contracts to reduce high energy prices.
Politico writes about this, referring to a draft of such a plan prepared by the European Commission.
The EU currently only signs short-term contracts for LNG and is working to limit the use of public money to expand fossil fuel production. If the EU moves to long-term contracts and investments, it would mark a major shift in energy policy for a bloc that has previously planned to phase out the fuel.
The new plan envisages that European government funds could help finance the US LNG infrastructure. EU officials are already trying to negotiate with the US President Donald Trump to buy larger quantities of the US energy, in part to avoid a trade war.
The proposal is part of the upcoming Affordable Energy Action Plan, due to be published on February 26. The draft proposal also shows that the EU wants new laws that will accelerate the modernization of electricity networks, encourage lower taxes on electricity, and speed up the approval of new nuclear technologies.
This initiative from Brussels is part of its response to industry complaints that soaring energy prices are forcing them to lag behind American and Chinese competitors.
If the European Union does indeed start supporting LNG projects, it will heighten fears among some groups and some politicians that Brussels is more concerned with keeping the continentʼs sluggish economy in order than with fighting climate change.
- On his second day in office, Donald Trump urged the EU to buy more gas and oil from the US to avoid tariffs. The US president wants to boost American energy development. He has already declared an energy emergency, lifted a ban on offshore oil and gas leases and unfroze the construction of new LNG export plants.
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