This is Exchanges at Goldman Sachs where we discuss development shaping industries, markets, and the global economy.

I'm Allison Nathan, a senior strategist in Goldman Sachs research.

From skyrocketing gas bills to surging prices at the gas pump,

Europe has been facing one of its most intense energy

crises in recent years amid the Russia-Ukraine war.

How the war is reshaping the European and really even the global energy landscape is our topic today

To shed light on it. I'm joined by three of my colleagues in Goldman Sachs research

Samantha Dart to our senior energy

strategist on the commodities team and our global expert on natural gas.

Alberto Gandolfi, head of the European Utilities Research team,

and Michaeli Delavina, head of Natural Resources research in Emia.

Sam, McKelli and Alberto, welcome to the program.

Hey Allison, good to be here.

Hi, Alito.

Sam, let's start with you.

Set the stage for us in terms of the risks that the war poses to the supply of natural gas that

heats homes and fuels so much of our electricity.

Yeah, so when we think of how much gas Russia sends to the whole wide world,

it's about 8% of global supplies.

But it's a much bigger deal for Europe in particular

because about 40% of European natural gas consumption

is supplied by Russia, right? So if you interrupt that supply, you

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