U.S. exports of liquefied natural gas (LNG) represent the largest source of natural gas demand growth in our March 2025 Short-Term Energy Outlook (STEO), with LNG gross exports expected to increase by 19% to 14.2 billion cubic feet per day (Bcf/d) in 2025 and by 15% to 16.4 Bcf/d in 2026. The start-up timing of two new LNG export facilities—Plaquemines LNG Phase 2 (consisting of 18 midscale trains) and Golden Pass LNG—could significantly affect our forecast because these facilities represent 19% of incremental U.S. LNG export capacity in 2025–26.