US energy firms handed cash bonanza as EU signs long-term gas deals after Ukraine war

According to research by Friends of the Earth, Public Citizen and BailoutWatch, fossil fuel companies in the US have taken advantage of the energy crisis over the past year, by offering a replacement for a short-term Russian supply crunch with long-term gas deals.

Since the start of the war, these companies have signed 45 long-term contracts with the bloc, a significant rise from the 14 deals signed the previous year, and more than double the previous two years combined.

For most of these new contracts, the authors of the report noted that the gas won’t be delivered until after 2026, and will continue for 20 years or more.

Meanwhile, gas prices have finally started to dip. With the gas benchmarking peaking at more than €300/MWh (£266.92) in August 2022, this month it dipped below €50 (£44.51) per megawatt hour down to €48.90/MWh (£43.51) for the first time in nearly 18 months.

Article source: https://www.express.co.uk/news/science/1739106/us-energy-firms-cash-bonanza-eu-long-term-gas-deal-ukraine-russia-war