Executive Summary

Long-term natural gas supply contracts (delivered by pipeline or LNG) often have a value of several billions of US dollars. Price clauses in such contracts are thus of particular importance. However, they may require additional amendments, in particular if the value of natural gas in the market is no longer appropriately reflected by the contract price. To this end, parties to long-term gas supply contracts typically include price review clauses allowing each party to request a price adjustment. In the past decades, price review clauses have been applied successfully in European ...