The European Commission predicts a drop in gas prices in Europe as liquefied natural gas (LNG) deliveries continue to rise. “A significant wave of new LNG projects is on the horizon,” stated Commission President Ursula von der Leyen.

Since the disruption of Russian gas supplies due to the conflict in Ukraine, Europe has significantly increased its imports of LNG. This LNG originates from regions including the Middle East, Norway, and the United States.

While there is currently a scarcity of LNG, Von der Leyen expects a “global surplus” to emerge soon. This is attributed to the numerous new LNG export projects in the pipeline, as mentioned in her address to the European Parliament in Strasbourg.

According to the EU chief, lower gas prices will also create room for further development of sustainable energy sources. She hailed it as a clear success that, for the first time last year, Europe generated more electricity from wind than from gas.