EU has spent €1tn subsidising energy bills so far

Even with more facilities to import LNG coming online, the energy market is expected to remain tight until 2026

German chancellor Olaf Scholz is under particular pressure to secure affordable gas supplies for its energy-hungry industries. Picture: Andreas Rentz/Getty  

Europe got hit by roughly €1tn from surging energy costs in the fallout of Russia’s war in Ukraine, and the deepest crisis in decades is only getting started.

After this winter, the continent will have to refill gas reserves with little to no deliveries from Russia, intensifying competition for tankers of the fuel. Even with more facilities to import liquefied natural gas (LNG) coming online, the market is expected to remain tight until 2026, when additional production capacity from the US to Qatar becomes available.