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Energy

LNG Export Licenses: How a FERC Approval Mints a Monopoly

Washington's slow-walk on new LNG terminal approvals isn't a bureaucratic backlog — it's a government-granted franchise that makes Cheniere's existing licenses worth more every day a competitor waits.

Image: Money Racket

By Evan at Money Racket · Jun 25, 2026

The mechanism

To export liquefied natural gas from the United States, a company needs two federal blessings: a Department of Energy authorization to sell to non-free-trade-agreement countries, and a Federal Energy Regulatory Commission order approving the physical terminal. FERC's environmental and engineering review can take years. Once a terminal is approved and operating, it holds a durable, government-ratified franchise — one that is nearly impossible to replicate quickly. Every new entrant stuck in FERC review is one less competitor undercutting spot prices in Atlantic Basin markets. The regulatory bottleneck isn't incidental to the business model. It is the business model.

Discussion

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