TLG - Media, page-8813

You are wrong, the long-term contracts with Russia cover about 1/3 of European consumption, with the rest being bought on the spot market. That has been the practice for years, however, Russians now flex muscles over Nordstream 2 and supply only the contracted long-term deliveries. They completely stopped to deliver to the spot market. Also, they bought the natural gas reservoirs In Europe and left them empty before winter.. It is a wake up call for Europe, which now pivots towards more LNG (already roughly 1/3 - 1/4 of imports) and a big push for hydrogen mixing with the natural gas (see the taxonomy regarding natural gas).