Reality check: exporting Canadian LNG won't help Europe but will hurt Canada's economy
The Russian invasion of Ukraine and the ensuing energy crisis mean Europe is desperate for energy, sparking renewed interest in developing liquefied natural gas (LNG) export facilities on Canada’s East Coast. After proponents’ hopes for a Germany-Canada LNG export deal were dashed in favour of green hydrogen in August, some argue that Canada is missing an opportunity to take advantage of its natural gas resources and today’s record-breaking gas prices. But this ignores a host of realities. Specifically, the reality of timing, the reality of energy markets, and the reality of economics.
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