Unseen Levers

energy · Curated Lever · 4-7 min

Why did Europe depend so heavily on Russian gas?

Dependence grows when cheap flows become embedded in physical systems and contracts.

The intuitive answer

Europe simply made one bad purchase decision.

The short answer

Nearby pipeline gas was commercially attractive and became embedded in power, heating, industry, long-term contracts and infrastructure. Replacing it required scarce LNG, terminals, interconnectors, storage and demand reduction - not just a different seller.

The unseen lever

Infrastructure and contracts create path dependence: yesterday's cheap connection shapes today's feasible alternatives and switching cost.

  1. 01Large pipeline capacity lowers delivered cost
  2. 02Consumers and industry build around the supply
  3. 03Alternative infrastructure remains limited or uneven
  4. 04A supply cut creates an expensive, slow substitution problem

Concepts that unlock it

Path dependence

Past investment choices constrain the options available later.

Pipeline lock-in

Dependence created by fixed transport infrastructure and connected demand.

LNG

Natural gas cooled into liquid form for shipping and later regasified.

What if?

What if Europe had built more LNG terminals and cross-border links earlier?

More suppliers could reach more regionsRussian bargaining leverage fallsConsumers still compete with global LNG buyers

Check your understanding

Can you move the mechanism?

Question 1 of 2

Why could Europe not simply buy identical gas elsewhere overnight?

Question 2 of 2

What does path dependence mean here?

Evidence and limits

What supports this answer?