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2022-05-05 14:40:00

NORD STREAM 2 FOR RUSSIA

NORD STREAM 2 FOR RUSSIA

PLATTS - 05 May 2022 - Russia's Gazprom said May 5 it would use the onshore capacity in Russia designed to flow gas into the Nord Stream 2 system to Germany for the domestic market.

Nord Stream 2 has never started commercial operations despite construction work on the two-string 55 Bcm/year pipeline having been completed in September last year.

Germany on Feb. 22 suspended the certification process in order to review its position toward the project in terms of supply security and US President Joe Biden followed up by imposing sanctions against operator Nord Stream 2 AG on Feb. 23.

"Due to the fact that the Nord Stream 2 offshore gas pipeline is currently not in use, and taking into account the implementation of gas supply for consumers in northwest Russia, Gazprom has decided to use the excess onshore gas transmission capacity of Nord Stream 2 for the development of gas supply to the regions of northwest Russia," Gazprom said in a statement.

While Germany has effectively cancelled the project, there remains the possibility that the pipeline could start operations at some point in the future.

However, Gazprom said only half of its capacity would be available in the event the pipeline was allowed to operate.

"If the German side decides to commission Nord Stream 2, only one line of the pipeline with 100% load can be put into operation," it said.

"The commissioning of the second offshore string of Nord Stream 2 may not begin until 2028," it said.

Price strength

Uncertainty over Nord Stream 2 contributed to the rise in European gas prices toward the end of 2021, and Berlin's new opposition to the pipeline also helped push prices up further in February this year.

European gas prices remain at sustained highs on Russia supply concerns, with the TTF month-ahead price having reached a record high of Eur212.15/MWh on March 8, according to Platts price assessments by S&P Global Commodity Insights.

The contract was last assessed on May 4 at Eur104.25/MWh, still 350% higher year on year.

Billed by Moscow as offering much-needed additional gas supply infrastructure to Europe, the 55 Bcm/year Nord Stream 2 pipeline was opposed by Ukraine, the US and most of eastern Europe from the beginning.

They argued it would mean increased European dependence on one route of gas under the control of the Kremlin -- Nord Stream 2 doubles the capacity of the Baltic Sea route to 110 Bcm/year on top of the existing first Nord Stream system.

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Earlier:

NORD STREAM 2 FOR RUSSIA
2022, April, 15, 12:00:00
RUSSIAN GAS IN ROUBLES BREAK SANCTIONS
Putin's decree imposed an obligation on EU gas buyers to open at least two special accounts - one for euros or dollars and one for roubles - with Gazprombank and channel all gas payments through the bank.
NORD STREAM 2 FOR RUSSIA
2022, April, 12, 13:05:00
RUSSIA UNDER SANCTIONS
Russia's invasion has driven up the price of the oil, gas and grain it exports, providing it with a substantial windfall to fund its "special military operation" - now entering a new phase as Moscow focuses on the eastern Donbas region after failing to break Ukraine's defence of the capital Kyiv.
NORD STREAM 2 FOR RUSSIA
2022, April, 6, 11:45:00
RUSSIAN GAS TO EUROPE
Gazprom said the request for gas exports to Europe through Ukraine had been set at 108.3 million cubic metres for April 6, similar to the request for April 5.
NORD STREAM 2 FOR RUSSIA
2022, April, 1, 11:30:00
RUSSIAN GAS FOR EUROPE IS STABLE
But there was no sign on Friday of an immediate interruption. Flows remained steady through two of the three main pipelines bringing Russian gas into Europe - Nord Stream 1 across the Baltic Sea, and into Slovakia over Ukraine.
NORD STREAM 2 FOR RUSSIA
2022, March, 29, 13:25:00
RUSSIA'S, GERMANY'S GAS DEPENDENCE
The dependence on Russian natural gas in Germany is so great that if supplies from Russia were to be stopped and the remaining quantities of natural gas distributed to Europe, Germany would have to reduce its natural gas consumption in the heating gas sector or in the industrial sector by 100 TWh per year .
NORD STREAM 2 FOR RUSSIA
2022, February, 23, 13:10:00
NORD STREAM 2 PAUSE
Halting the certification process means the 55 Bcm/year pipeline -- which was completed in September -- will be unable to begin commercial operations.
NORD STREAM 2 FOR RUSSIA
2022, February, 16, 11:40:00
NORD STREAM 2 FOR EUROPE
The $11-billion pipeline, which has faced stiff opposition from the United States and some European states, was built last September across the Baltic Sea from Russia to Germany, but has been idle pending German and EU regulatory clearance.
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Tags: RUSSIA, GAS, EUROPE, NORD, STREAM, GAZPROM