Europe saved $8 billion on its natural gas bill last year because surging U.S. s...
LONDON - Europe saved $8 billion on its natural gas bill last year because surging U.S. shale production and a shake-up in EU energy markets forced Russia to change its gas pricing mechanism, the head of the International Energy Agency said on Friday.
He said the shift in global gas markets stemming from the U.S. shale gas revolution, a rapid expansion of the liquefied natural gas industry and EU liberalization of energy markets, had forced Russia to change its oil-indexed pricing of gas. “If there were a full adoption of the EU Directive, we could see more LNG to Central Europe where prices are $0.50 per mmBtu higher than TTF. This would lead to an additional $1.3 billion a year in savings,” he said.
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