European gas supply faces risk as Russian imports end, KPMG says

A KPMG study warns that the European Union must replace 45‑55 billion cubic metres of Russian gas – about 11‑14 % of annual demand – during the 2026‑2027 transition period. The phase‑out, mandated by EU regulation 2026/261, will occur as storage levels are low and global competition for liquefied natural gas (LNG) intensifies, pushing up costs for industry and consumers.

Spain is comparatively better positioned because of its high regasification capacity, diversified supply sources and a direct pipeline from Algeria. Nevertheless, the country remains vulnerable to LNG price volatility and possible cargo redirection to higher‑paying markets. The report highlights additional pressures from restricted transit through the Strait of Hormuz, reduced exports from Qatar and the United Arab Emirates, and heightened competition with Asian buyers, all of which could jeopardise winter gas security across Europe.