Insight
How much gas can Gazprom export to Europe without Nord Stream 2?
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Political tensions have brought additional focus on the Nord Stream 2 pipeline project which continues to face numerous obstacles in the form of sanctions and regulatory uncertainty. The pipeline was 94% complete before the pipelaying was halted following the introduction of US sanctions in December 2019. Our base case view assumes Nord Stream 2 will be completed in the second half of 2021 enabling increasing Russian exports thereafter. In this insight we assess the implications of an indefinite delay of Nord Stream 2 on European market dynamics through to 2024: how much gas can Gazprom export to Europe without Nord Stream 2?
Table of contents
- Commissioning of Nord Stream 2 remains uncertain
- How much gas can Russia deliver to Europe without NS2?
- What are the implications on European prices?
- Appendix: Timeline - what happened since last September
Tables and charts
This report includes the following images and tables:
- Map: Russia pipe export infrastructure to Europe
- Russian pipe export capacity to Europe
- European prices: TTF
- Total Russian pipeline flows and % utilisation to Europe
What's included
This report contains:
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