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동의어 포함

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Title page 1

Contents 6

Abstract 3

Acknowledgements 4

Executive summary 7

1. Introduction 10

2. A gas market in transition 12

2.1. Lessons from the 2022-2023 energy crisis 12

2.2. The post-crisis gas market environment 13

3. Flexibility options along gas and LNG value chains 19

4. Physical gas reserves 21

4.1. Underground gas storage 25

4.2. LNG tank storage 31

4.3. LNG FSRU and FSU facilities 36

4.4. LNG floating storage on vessels 40

5. Flexible commercial options for LNG 45

5.1. Existing LNG contracts 47

5.2. New LNG contracts 53

5.3. Commercial innovation 59

5.4. LNG swaps 67

6. Policy tools to create gas reserve mechanisms 69

6.1. Mandatory storage obligations 71

6.2. Strategic underground gas storage 74

6.3. Strategic cushion gas reserves 79

6.4. Buffer LNG schemes 82

7. Options to increase international cooperation 90

7.1. Lessons from the IEA oil emergency response framework 90

7.2. Recommendations 94

Abbreviations and acronyms 104

Tables 24

Table 4.1. Overview of physical gas reserve and LNG flexibility options 24

Table 6.1. Overview of policy tools for gas reserve mechanisms 70

Table 6.2. Evolution of strategic gas reserve policies in selected EU member states 75

Table 6.3. Strategic gas reserves in selected EU member states 76

Figures 11

Figure 1.1. Overview of gas reserve mechanisms and flexibility options 11

Figure 2.1. Year-on-year change in LNG imports by region, 2022 vs. 2021 13

Figure 4.1. Physical storage capacity in operation and under construction worldwide, end of 2024 21

Figure 4.2. Distribution of UGS capacity in operation and under construction, by region, 2024 26

Figure 4.3. European UGS capacity and average maximum utilisation by country, 2024 30

Figure 4.4. Onshore LNG tank storage capacity at regasification terminals by region, end of 2024 32

Figure 4.5. Cost of physical storage 33

Figure 4.6. Top 10 countries by onshore LNG tank storage capacity, end of 2024 35

Figure 4.7. Distribution of FSRU capacity by region, end of 2024 37

Figure 4.8. Estimated monthly cost of LNG floating storage 42

Figure 4.9. LNG on water for more than 20 days 43

Figure 5.1. The evolution of key LNG contract characteristics, 2016-2030 46

Figure 5.2. Expiration of LNG contracts in effect in 2025 55

Figure 5.3. LNG liquefaction capacity and output from legacy plants, 2025 and 2030 56

Figure 5.4. Contractual position of LNG portfolio players, 2020-2030 58

Figure 5.5. Monthly LNG imports relative to the annual average in geographies with complementary seasonal demand profiles, 2020-2025 average 61

Figure 5.6. Illustrative cost of LNG call options at different strike prices and contract durations 64

Figure 6.1. Underground storage capacity and strategic gas reserves in selected EU member states 78

Boxes 22

Box 4.1. Linepack management: The hidden flexibility embedded in gas transmission systems 22

Box 5.1. Japan's 2017 JFTC survey on LNG contracts 49