Europe gas infrastructure long-term outlook H1 2019 Report

Commodity Market Report 16 July 2019

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Report summary

The completion of TANAP in Turkey represents a significant milestone in the development of the European gas pipeline infrastructure. It will allow significant volumes of gas from Azerbaijan transiting to other European markets through TAP. Both strings of the TurkStream pipeline across the Black Sea were completed in 2018. They will provide Russia with an alternative route into Turkey and Southeast Europe. Nord Stream 2 continues to make progress despite significant hurdles. However, the commercial arguments for the pipeline remain robust and pipe laying work is at an advanced stage. Summer winter price spreads at European gas hubs have been much higher in 2019 than previous years. This means storage/capacity owners will make significant profits from storage for the first time in several years. LNG imports are beginning to increase with the commissioning of new US LNG export capacity – over 105 bcma (~77 mmtpa) by 2022. Average European utilisation will hit 43% in 2019.

Import pipeline developments
European pipeline developments
Baltic / Central Europe interconnectors
Transportation tariffs
Historical capacity developments since 2010
Capacity outlook
- Existing infrastructure
- Recent terminal developments and infrastructure under construction
- Proposed terminals and expansions
- FSRUs
- Transhipments and reloads
- Other services
- Example of tariff calculation: Barcelona LNG terminal