The European Union survived last winter due in part to an exceptionally favourable set of circumstances. However, the sources of challenge and uncertainty have not disappeared, and according to all forecasts, the next winter may be much harder than the last one. Russia’s war with Ukraine continues, and tensions between Russia & the West continue unabated. Therefore, in all likelihood Russian gas supplies will be much lower this year than last year. At the same time, global competition for LNG is expected to intensify.