European LNG: Price reviews and long-term uncertainties
The growing influx of LNG deliveries to continental Europe accompanies the European Union’s vision of, in the words of Neelie Kroes (former European Commissioner for Competition Policy), a “single, competitive functioning European energy market”. This goal, however, has yet to be achieved and national gas markets still remain at various stages of liberalisation. After more than twelve years since the promulgation of the first Gas Directive (Directive 98/30/CE), Europe is still transitioning from markets with former monopoly/monopsony incumbents to a system involving competitive markets and many suppliers from around the world.