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Rather than replace Russian fuel with next-generation renewables, the continent has increasingly turned to American natural gas. But it’s risky, too

(Bloomberg) -- Europe, long-reliant on Russian natural gas, has nearly severed its dependency on the Kremlin in less than two years. Its preferred replacement — gas from the US — is widely viewed as abundant, politically palatable and less likely to be choked off than pipelines from Siberia.Most Read from BloombergGiuliani Lists Yankees Loot, Trump Claim as Assets in BankruptcyMacKenzie Scott Pares Her Amazon Stake by $10 BillionPutin Sends US Signal on Ukraine Talks, Seeing War AdvantageTrump O

Formerly a sluggish sector, global events spurred LNG's expansion

“The return of LNG prices to more normalized levels benefits emerging markets the most, as their energy affordability and availability was most impacted by the LNG price spikes last year,” said Saul Kavonic, a Sydney-based energy analyst at Credit Suisse Group AG.

From Thailand and Bangladesh to Colombia, emerging markets were the biggest buyers in the spot market for a second straight quarter earlier this year.