European Energy Crisis Sharpens as U.S. Supplies Will Be Less Than Expected

The energy crisis in Europe escalates as gas prices at the TTF market in Amsterdam closed at a new all-time record of €339/MWh on Aug. 26, after the U.S. Freeport LNG export facility pushed back its restart date to mid-November. In one year the gas price has increased by 550%. This, and a letter by Energy Secretary Jennifer Granholm sent last week and published by the Wall Street Journal, imploring seven major refiners to limit fuel exports, is a signal that Europe won’t get as much help from the United States as promised. Granholm asked politely—but threatened that if the refining companies did get going to “proactively” limit exports, “the Administration will need to consider additional Federal requirements or other emergency measures.”