Despite projections for higher liquefied natural gas (LNG) imports—driven by new U.S. supply deals and the ongoing cutoff of Russian energy—Europe’s ambitious plans to expand regasification capacity may prove excessive. Greece, among others, finds itself at the center of this complex energy equation.

From 2022 to 2024, the EU added 12 new LNG terminals and six expansions, boosting import capacity by 70 bcm to 250 bcm annually—driven by shrinking Russian gas supplies amid the Ukraine war.

Overcapacity Concerns

The International Energy Agency (IEA) expects European LNG imports—including the UK and Turkey—to hit a record high in 2025, driven by storage needs, demand, and lower Russian supply. However, Geoffroy Hureau of Cedigaz says extra capacity is unnecessary as Europe seeks to cut gas use. Still, the Oxford Institute for Energy Studies forecasts regasification capacity will reach 286 bcm by July 2026.

Low Utilization Rates

Current utilization paints a stark picture. In the first half of 2025, EU LNG terminals operated at just 52% capacity, with one-third below 37%. Finland (17%), Greece (19%), Spain (29%), and Germany (32%) had the lowest rates, according to IEEFA data. In France, a court even ordered the dismantling of TotalEnergies’ Cape Ann floating unit after it sat idle for months.

Strategic Buffer and Regional Needs

Still, experts caution against cutting too deeply. Columbia University’s Anne-Sophie Corbeau stressed the need for “redundant capacity” as protection against pipeline disruptions or sabotage. Additional infrastructure remains essential in southeastern Europe—to supply landlocked nations such as Austria, Hungary, Slovakia, and Ukraine—especially as the EU plans to phase out Russian gas by 2028.

Greece and the Region Gear Up

Southeastern Europe entered this winter better supplied with LNG than ever. Croatia’s PPD reported that regional LNG capacity—including Greece’s—has risen by 10.9 bcm per year, over a third higher than before. With EU gas storage levels at 82.1%, and robust inflows from Norway and the U.S., Europe appears well-buffered—though a harsh winter could still test that fragile balance.