There is enough gas coming from other regions to Europe to compensate for the loss of Middle East supplies this winter, Ralf Dickgreber, head of global LNG and biomass at Engie said on Thursday.

"Nevertheless, if we get a much harsher winter than we had in the last years the situation can become more critical, but I think the market is flexible enough and resilient enough to manage it for 2026 winter," he said on the sidelines of the Budapest LNG Summit. "About 2026, I am not worried if the crisis ends within the next two weeks."

European gas prices fell on Thursday morning as the market considered prospects for a peace deal between the United States and Iran which could lead to the gradual resumption of liquefied natural gas flows through the Strait of Hormuz.

"Even if we get now a peace deal, I believe a lot of damage has been done already and it will take a while to get back to normality," Dickgreber said.

With the European Union's plan to phase out Russian LNG imports by the end of 2026 and Russian pipeline gas by the end of September 2027, more Eastern European countries have approached Engie asking for a similar supply deal to the one the company has reached with Hungary, he said.

Hungary signed its biggest ever liquefied natural gas deal with Engie in 2025 to diversify its supply away from Russia (LEARN MORE). Russian gas covers most of the demand for the fuel in Hungary and neighboring Slovakia.

"I think there will be more deals coming," he said declining to give details.