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ACER: US LNG now 30% of EU gas imports

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21:29UTC

ACER's Gas Wholesale Markets Winter 2025-2026 monitoring report, published Thursday 23 April, found EU storage exited winter at a 9-year low and US LNG now accounts for 30% of EU gas imports, a 45% year-on-year rise.

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Key takeaway

US LNG covers 30% of EU gas imports after a 45% year-on-year rise; ACER's Qatar-offline scenario is 26 bcm short.

ACER (the EU Agency for the Cooperation of Energy Regulators) published its Gas Wholesale Markets Winter 2025-2026 monitoring report on Thursday 23 April ¹. The headline figures: US LNG now accounts for 30% of EU gas imports and two-thirds of EU LNG imports, a 45% year-on-year rise; the bloc exited winter at a 9-year low in storage, leaving the 73 TWh deficit Argus reported on 1 April ; refill cost an incremental EUR 10 to 15 billion above baseline. Central and eastern European prices ran up to EUR 20/MWh above TTF in cold spells, with Belgium-Germany-Czech corridors carrying elevated cross-border flows.

The 30% figure marks the structural endpoint of the post-2022 supply substitution. Reuters and AP wire data show Qatari and Russian volumes have not been replaced by like-for-like Atlantic capacity; they have been replaced by Cheniere, Venture Global and Sempra export terminals on the US Gulf running closer to nameplate than at any point since 2022. That has worked through winter and held the TTF benchmark together. The EUR 10 to 15 billion refill cost ACER reports is incremental over baseline, a tighter scope than Bruegel's full estimate of EUR 26 to 44 billion across three scenarios.

The scenario worth watching is the 26 bcm global shortfall ACER models if Qatari production stays offline through December 2026, with EU spot LNG demand rising to 56 bcm under that case. That is more severe than the IEA's older mid-year base case and aligns with the Q2 GMR pivot to multi-year framing. Procurement teams still treating US LNG as marginal supply are working from 2024's assumptions; the 45% year-on-year rise puts the Gulf coast at the centre of the European balance, with all the basis-risk that carries when the same terminals serve Asian premium buyers. The AccelerateEU package's lack of a storage injection mechanism sits awkwardly against this dependency.

Deep Analysis

In plain English

ACER (the Agency for the Cooperation of Energy Regulators) is the EU's energy market regulator, based in Ljubljana, Slovenia. On 23 April it published a report summarising how Europe's gas markets performed in winter 2025-2026. The headline findings: EU gas storage hit its lowest level in nine years at the end of winter; American LNG now makes up 30% of all EU gas imports and two-thirds of EU LNG shipments (a 45% jump year-on-year, because Hormuz blocked Middle Eastern supply); and prices in central and eastern Europe ran up to EUR 20 per megawatt-hour above the main EU price benchmark during cold spells. ACER also modelled a severe scenario: if Qatari gas production stays offline until December 2026, there would be a 26 billion cubic metre global shortfall.

What could happen next?

Risk
A US export terminal outage (Freeport LNG suffered a six-month outage in 2022) while Hormuz remains closed would remove US LNG from EU terminal inventory simultaneously with the ongoing Gulf shortfall, hitting total EU supply by a cumulative 25-30%.

Source Landscape

This story draws on neutral-leaning sources

Primary parallel: After 2022's pipeline severance, the EU built ten floating storage and regasification units (FSRUs) in 18 months, the fastest regasification infrastructure buildout in European history. The US LNG share data ACER published in April 2026 is the direct consequence of that buildout: Atlantic-route infrastructure now absorbs US LNG at a scale that would have been physically impossible in 2021. The 45% year-on-year rise is a throughput story as much as a pricing story.

Counter-parallel: The EU was also heavily dependent on a single import source, Russia, before 2022, and that dependence survived two pipeline price disputes (2006, 2009) before the structural break in 2022. US LNG dependence could follow a similar arc: durable until a single policy or infrastructure event forces rapid diversification.

ACER's 26 bcm shortfall scenario under Qatar-offline-to-December-2026 represents approximately EUR 9-12bn of additional EU spot LNG procurement above the EUR 26bn Bruegel base case at EUR 45/MWh TTF, arriving at ACER's own EUR 10-15bn incremental cost estimate. The alignment between the two institutions on the cost range at different methodological starting points strengthens the EUR 10-15bn incremental figure as the institutional consensus.

The CEE premium of up to EUR 20/MWh in cold spells directly taxes CEE industrial competitiveness. At 20% of Germany's large industrial gas consumption, a persistent EUR 15/MWh premium versus TTF raises annual energy costs for CEE manufacturers by approximately EUR 1.5-2bn across the affected corridor.

Consensus view: Energy Aspects' Amrita Sen assessed that US LNG reaching two-thirds of EU LNG imports represents a structural demand concentration risk as well as a supply security gain: Europe has exchanged dependence on a single pipeline supplier (Russia) for dependence on a single seaborne supplier (the United States), which carries its own political and logistical vulnerability if US export terminals face operational disruption or US trade policy changes.

Counter-view: The Indian Council on Global Relations (ICGR) has argued that the CEE-TTF premium of up to EUR 20/MWh in cold spells is not a market failure but a structural price signal that central and eastern European states need to build LNG regasification capacity closer to end markets. Under that reading, ACER's cross-border flow data shows the market is self-correcting via price, not failing.

Key tension: Whether US LNG as two-thirds of EU LNG imports is a durable structural position or a cyclical result of Atlantic route advantage while Hormuz remains closed.

First Reported In

Update #5 · Ban day muted; Germany doubles injection rate

ACER· 26 Apr 2026

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Different Perspectives

Cross-border power traders

The France-Germany day-ahead spread flipped from a EUR 17.20 German premium on 1 August to a EUR 4.15 French premium on 3 August, the same day French curtailment peaked. They cannot yet attribute the flip to curtailment alone, since a like-for-like overnight comparison shows French nuclear output rising while wind fell and demand returned on the weekday step.

EDF

River-cooling limits took 7.6 GW, 12 per cent of its fleet, offline on 3 August, the highest curtailment since the heatwave began, with an easing forecast to 4.3 GW on 4 August and 3 GW after. It manages the cut as a recurring seasonal constraint, expecting it to lift with river temperature, not repair.

Gasunie

TTF, the Dutch hub it operates, drifted to roughly EUR 55 to 58 per MWh across the window, staying inside its recent range through both the German spark reversal and the French curtailment. It reads a flat hub price as evidence that neither event this window carried enough weight to move the fuel leg on its own.

German gas-fired generators

Record German solar of 18,761 MW on 2 August pushed the clean spark spread to minus 18.48 EUR/MWh, a loss-making day, before it returned to plus 16.20 on 3 August. They now price dispatch against post-solar residual load rather than wind alone, since the sign flipped inside 48 hours on unchanged fuel and carbon costs.

European Commission (DG Energy)

Its implementing-measures register logged transposition notices from only Portugal and Slovakia against Wednesday's Article 94 deadline for Directive (EU) 2024/1788, with 25 states silent. It expects the register to fill only gradually, since filing routinely lags legislating and any infringement track against non-notifying states runs on a slower clock than the deadline itself.

Spain's LNG terminal operators

Spain's 9,145 GWh terminal inventory is the largest single stock in the EU LNG network, an option value that can reroute cargoes wherever the winter strip pays best rather than a cavern gas obligation tied to a fixed date. That flexibility matters more as Germany's cavern shortfall pushes more of the winter security question onto import infrastructure.