Europe's race to replace Russian gas supply has threatened Australia's plans for five gas import terminals as they compete for key infrastructure, raising the risk of a supply shortfall in Australia's populous southeast in the next two years.
France, Germany and the Netherlands among others will need to import liquefied natural gas (LNG) to replace gas transported by pipeline from Russia, which has been hit by sanctions due to the Ukraine conflict.
European users are grabbing floating storage and re-gasification units (FSRUs) needed to convert LNG to gas, leaving little left for Australian import projects that aim to fill an expected gas supply gap from 2024.