Europe's Energy Security at Risk: Volatility, LNG Dependence, and Strategic Shifts

In an interview on RT, former Austrian Foreign Minister Karin Kneissl analysed the structural vulnerabilities in Europe's energy security following its strategic shift away from Russian gas. She argues that replacing reliable pipeline supplies with volatile LNG imports has made the continent's energy security more precarious. European gas markets are now subject to the unpredictability of shipping, weather, and spot market pricing, a stark contrast to the certainty provided by long-term contracts.

Kneissl notes a fourfold increase in US LNG exports to Europe since 2021, creating a new geopolitical dependence. This reliance grants Washington significant energy leverage over Brussels, a power asymmetry exacerbated by transatlantic tensions. She questions the wisdom of this pivot, pointing out that alternative suppliers like Qatar have shown reluctance to engage deeply with Europe due to stringent regulations.

Looking forward, Kneissl is sceptical about a swift return of Russian gas, citing a loss of trust after widespread breach of energy contracts by European entities. Furthermore, she highlights deindustrialisation and a declining energy demand in an ageing Europe, suggesting Russian suppliers would logically prioritise growing markets in Asia. Her analysis frames the current energy price volatility not as a temporary crisis, but as a permanent feature of a fragmented, geopolitically charged global market.

Source: RT interview, “Volatility is the name of the game — Karin Kneissl” (Video: https://rumble.com/v74thr4-volatility-is-the-name-of-the-game-karin-kneissl.html).