Noreva in the media – coverage featuring Peter Gardett, CEO, in Bloomberg (December 15, 2025).
In brief: Bloomberg turned to Noreva CEO Peter Gardett on the US LNG export boom. His read: the erosion of cheap American gas has begun (“Well, we’re here”), and price convergence with Europe and Asia will be “a real shock to the system.”
Noreva, an energy market data and analytics provider (formerly Karbone Research), was featured in Bloomberg’s December 2025 newsletter on how the US LNG export boom is ending the era of cheap domestic natural gas. The piece, by Naureen S. Malik and Ruth Liao, examined how record export volumes are pulling US gas prices toward global benchmarks even as “energy dominance” messaging promises continued affordability – and turned to Noreva CEO Peter Gardett for a read on how structural that repricing now is.
What the Bloomberg coverage examined
The newsletter laid out a set of signals pointing to a tighter, more internationally exposed US gas market. US oil and gas production is running at all-time highs, yet LNG shipments hit record levels in 2025, and the Golden Pass terminal is set to come online in 2026, which will add another large call on domestic supply. Domestic gas itself touched a three-year high in early December (Bloomberg, 15/12/2025). FERC also projects winter benchmark prices could average $4.39/MMBtu this winter, roughly 26% higher than last winter (FERC, via Bloomberg, 15/12/2025), a level that would be felt directly in household heating bills and industrial energy costs.
Gardett’s contribution was to put a hard stop on the “cheap American gas forever” framing. As quoted in Bloomberg, he said: “We have been talking about, in apocalyptic terms, for a decade now when the world would start taking away America’s cheap gas. Well, we’re here.”
On the price convergence now underway between the US, Europe, and Asia, Gardett said it “is going to be a real shock to the system” (Bloomberg, 15/12/2025). That framing points to something bigger than a temporary export surge. Noreva and others have flagged for years that once US LNG capacity grew large enough, domestic prices would stop being insulated from the rest of the world, and that threshold now appears to have arrived.
Why the gas repricing matters for power and fuel forward curves
For the developers, asset owners, and trading desks Noreva serves, a structurally higher and more globally correlated Henry Hub changes the assumptions behind gas-fired power forecasts, fuel hedges, and asset valuations built on the idea of cheap, stranded domestic supply. Noreva turns this kind of repricing into transaction-aligned curves: fuel forecasts that account for export-driven demand, and power scenarios that price the effect on gas-fired generation and on the data-center load that competes for the same power. Bloomberg described the price convergence as a “shock to the system.” For Noreva’s clients, that convergence was a forward-curve input that needed pricing before winter arrived.
Frequently asked questions
Is US natural gas still cheap compared to global markets?
Not to the degree it has been. Record LNG shipments in 2025, the Golden Pass terminal coming online in 2026, and a three-year high in domestic gas prices are pulling the US market toward convergence with European and Asian benchmarks (Bloomberg, 15/12/2025).
How much could winter gas prices rise?
FERC projects winter benchmark prices could average $4.39/MMBtu, about 26% higher than last winter (FERC, via Bloomberg, 15/12/2025).
How does Noreva analyze LNG-driven gas repricing?
Noreva builds transaction-aligned forward curves and scenario forecasts for US fuels and power markets. These forecasts turn export-driven demand and price convergence into valuation inputs at the asset level for developers, investors, and trading desks.
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