My previous article addressed the merger between PEG-Nord and PEG-TRS, and the potential implications for gas security within Southern Europe. This article revisits the topic of gas security in Southern Europe, considering how the recent change in LNG market dynamics may indirectly impact gas markets in Iberia. European policymakers have a long-standing objective of developing a single internal market for gas, having undertaken considerable infrastructure investments to develop cross-border trade in recent years. Although many European gas markets are becoming increasingly more synchronised, they remain subject to global market dynamics. An uncharacteristically warm winter in both Europe and Asia has weighed on global gas demand, suppressing European and Asian import prices to multi-year lows. As such, the incentive for U.S. LNG exporters to deliver physical cargoes has been eroded, reaching an inflexion point of profitless supply. Although U.S. LNG exporters are likely to accept narrow profit margins for a […]