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Can Europe’s Green Deal adapt to a brutal new world?

The EU will always pay a higher price for its gas than the USA, Canada or Australia. That is the problem: Russia was supplying large volumes of gas to Europe but was not a competitor of Europe, with a few exceptions, but the USA are in the opposite position. A wrong assumption is that gas demand and imports will decline rapidly, especially if coal is to be phased out and if renewables, competitive low-carbon hydrogen, and nuclear don’t expand as needed. It will take time to reduce gas demand in the absence of competitive alternatives, and with collapsing internal production, […]

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