Energy challenges for Europe mount as Russian gas imports rise, Norway weighs export cuts

Europe’s energy crisis is deepening as dependency on Russian liquefied natural gas (LNG) increases. Meanwhile, Norway, one of the European Union’s key energy suppliers, is considering cutting electricity exports amid soaring domestic prices.

Reliance on Russian energy

Russian LNG imports surged in October, with EU countries paying 701.5 million euros for the fuel — the highest amount since November 2023, according to Eurostat and TASS calculations. This marked a 28 per cent month-on-month and 26 per cent year-on-year increase, underscoring Russia’s ongoing role as a significant gas supplier despite the bloc’s push to reduce energy dependence on Moscow.

Russia accounted for 21.2 per cent of the EU’s gas imports in October, ahead of the United States (19 per cent) and just behind Algeria (21.6 per cent).

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France, Spain, and the Netherlands were the top buyers of Russian LNG, spending a combined 600 million euros. Pipeline gas imports from Russia also hit their highest value since June, totaling 547.8 million euros, with Hungary, Greece, and Slovakia leading purchases.

The challenge from Norway

Meanwhile, Norway, Europe’s largest supplier of natural gas and a critical source of hydroelectric power, is embroiled in a political storm over skyrocketing domestic electricity prices.

Prices in southern Norway hit a record 13.16 Norwegian kroner ($1.18) per kilowatt-hour on Thursday (December 12), their highest since 2009 and nearly 20 times the rate from just a week earlier, Financial Times reported.

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Norway’s ruling coalition is now calling for drastic action, including scrapping an electricity interconnector to Denmark when it comes up for renewal in 2026.

The junior coalition partner, the Centre Party, also wants to renegotiate export deals with the UK and Germany, blaming these connections for driving up domestic prices.

Critics argue that such moves could strain EU-Norway relations. Norway has replaced Russia as the largest gas supplier for many EU countries, making its role critical for the region’s energy security.

Norwegian consumers are somewhat shielded from high electricity prices by government subsidies, which cover 90 per cent of costs above a certain threshold. However, the right-wing Progress Party, leading in polls ahead of next year’s elections, is pushing for deeper subsidies and more significant export restrictions.

In a nutshell

Europe’s energy dependence is creating a perfect storm. On the one hand, there’s the geopolitical tension of relying on Russia; on the other, the domestic pressures faced by key suppliers like Norway.

With winter approaching and demand climbing, Europe faces mounting pressure to secure affordable and reliable energy supplies while managing geopolitical risks and domestic discontent.