Insight

How much gas can Gazprom export to Europe without Nord Stream 2?

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16 October 2020

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:

  • Document

    How much gas can Gazprom export to Europe without Nord Stream 2?

    PDF 1.27 MB