EU to Explore Overseas LNG Investments to Slash Record High-Energy Prices

The European Commission said its Affordable Energy Action Plan will cut industrial and household bills by tens of billions of euros.

LNG tanker Flex Volunteer, sailing under the flag of the Marshall Islands, cruises near the Saint-Nazaire bridge over the Loire estuary, as it leaves the dock of the LNG Terminal of Montoir-de-Bretagne, near Saint-Nazaire, France, on April 12, 2022. Sebastien Salom-Gomis/AFP via Getty Images

The European Commission said in its Affordable Energy Action Plan, released on Feb. 26, that it is looking to invest in liquefied natural gas (LNG) projects abroad as part of its broader efforts to cut record-high energy prices, which threaten the EU’s “global standing and international competitiveness.”

“Our energy costs remain comparatively high, putting Europe at a real risk of deindustrialisation and posing a critical threat on our economy,” the commission said.