Energy-hungry Europe cannot afford another decade of lopsided bets and half-measures

This week, the world’s leading energy producer is laying down the gauntlet, challenging European leaders to get real about what reliable and secure energy looks like, and refusing to indulge in what they believe to be net-zero fantasies that are both out of touch and out of time.

US President Donald Trump is putting his energy dominance agenda into action, sending not one but two cabinet secretaries to an international gas conference in Milan.

More than a staging ground for energy deals and dialogue, Gastech has taken on added urgency since the start of Russia’s war in Ukraine. By sending a US delegation led by Interior Secretary Doug Burgum and Energy Secretary Chris Wright – co-chairs of the White House Energy Dominance Council – America is making a statement.

That’s because three and a half years after the Kremlin’s invasion of Ukraine, Europe has yet to wean itself off Russia’s greatest natural resource: gas. This week, the Americans are expected to announce plans that could see US LNG ultimately lead to the liberation of Europe, at least as far as energy is concerned.

While Russia has more natural gas reserves than any other country on Earth, the war in Eastern Europe put its ability to monetise them at risk. Now, with America following through with a 50 per cent tariff hike on India, aimed at cracking down on the country’s ongoing import of Russian oil, another lifeline to Moscow’s war machine is likely to fray. Finally, it seems, the West is getting serious about putting Russia out of business.

To be clear, though, this is not just about landing a punch on the Russians. This is about wielding energy diplomacy as strategic statecraft. The US is extending its arms to Europe, promising secure partnerships that can stabilise its energy system.

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The decision to rely almost exclusively on one country – Russia – for power while doggedly subsidising renewables as a safety net left Europe prey to price shocks, industrial failures and household bills among the highest in the world.

Germany’s households pay an average of €0.38 ($0.44) for every kilowatt hour, fifth highest in the world. In absolute terms, German electricity costs – €39.43 for every 100 kWh – are the steepest in the EU, followed closely by Denmark and Ireland. Germany’s prices at €416 for every megawatt hour is a staggering 70 per cent above the EU average of €246.

Italy, host of this year’s Gastech, has not fared much better: wholesale prices last year averaged about €100 for every MWh, double that of Spain’s and far above Germany’s. These numbers explain why energy has become both an economic and political pressure point across the continent.

And while the EU’s renewable rollout has been far from negligible, its successes have not erased the hard lesson: clean power alone cannot guarantee security. Without diverse and dependable supply, the system remains vulnerable to shocks. Now, after more than a decade of self-sabotaging energy choices, Europe finds itself the perfect customer.

Surging demand from European purchasers has already driven US LNG export volumes to an increase of more than 20 per cent year-on-year for 2025. As of August, total US LNG exports year-to-date rose by 22 per cent, reaching approximately 83 billion cubic metres for the first seven months. Liquefaction projects now under construction are poised to raise US export capacity by more than 70 million metric tonnes a year by 2030. Clearly, the US has both the will and the capacity to remain the continent’s energy lifeline.

Europe cannot afford another decade of lopsided bets (Russia) and half-measures (intermittent renewables). What it needs is balance: accelerated investment in clean power, paired with reliable gas and nuclear inputs to underpin system stability. That balance is precisely what suppliers arriving in Milan will be offering.