Hello, Haymakers:
After Russia’s unprovoked invasion of Ukraine in February 2022, imperiling Europe’s vast Russian gas imports, six European countries responded by building makeshift LNG export facilities, almost overnight, in order to bring in gas, mostly from the U.S. Several also resorted to burning greatly increased quantities of coal, as well as wood pellets (also shipped in from the USA). Germany was particularly aggressive in turning to these dirtiest forms of producing power.
By the end of 2023, Europe had built up its stored natural gas to near-peak levels going back to 2011. In fact, in November of that year, its gas storage hit the highest on record.
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