European and American energy storage exports

Will US energy exports to Europe stack up?

In summation, an elevated level of U.S. energy exports to Europe is to be expected and is happening in any case. But short of a trading miracle and an improbable ditching of energy imports diversity by the E.U., the pledge is unlikely to stack up.

How much energy does the United States export in 2024?

For context, according to the U.S. Energy Information Administration - statistical arm of the Department of Energy - the country’s total global exports in 2024 came in at $318 billion. If that figure is taken as a hypothetical benchmark, an improbable 78.6% of that would need to be sold to the E.U. in order to meet the pledge.

Will European gas storage reach 79% by end-August?

Additionally, energy forecaster ICIS’ latest gas and power foresight monthly outlook published earlier this month noted that European gas storage is forecast to reach 79% by end-August, demonstrating resilience ahead of the Northern Hemisphere winter even without Russian imports.

Are energy ties between US and EU deepening?

Admittedly, energy ties between the U.S. and E.U. are indeed deepening. Particularly so, in the case of natural gas industry. According to Eurostat data, U.S. LNG had a 55% share of the EU market, and 27% of total EU gas imports in the first half of this year.

How much money does the European Union import in 2024?

In 2024, the E.U. imported just €60.3 billion ($70 billion) worth of nuclear reactor-related components and fuel supplies, according to the European Commission. It is unrealistic to assume all of this trade would go to the U.S. And even if it does, the Europeans will still fall short of the headline figure aimed at pleasing Trump.

Does Europe still import Russian gas?

Europe sharply reduced its Russian pipeline gas imports following Moscow's invasion of Ukraine in 2022, and it aims to fully phase out purchases of Russian gas by 2027, if not earlier. Yet the region has continued to import some Russian gas through the Turkstream pipeline into Bulgaria.