Insight
How much gas can Gazprom export to Europe without Nord Stream 2?
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 4 images and tables including:
- 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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