HomeMediaLatest NewsWhy NS2 will not save Europe from high gas prices

Why NS2 will not save Europe from high gas prices

Gromov Alexey I. Principal Director on Energy Studies, Head of the Energy Department

Alexey Gromov, Principal Director on Energy Studies of the Institute for Energy and Finance, commented on the possible high gas prices in Europe in the autumn-winter period of 2021-2022 to the Internet portal Pravda.ru.

“Europe has entered the autumn-winter heating season, in the near future it will pass the peak of the winter heating season, gas demand in Europe will remain steadily high, and the world situation has not changed radically. There is still a shortage of LNG in Asia and Europe, especially in Europe, which continues to keep prices high," the specialist explained.

He also added that in Europe, the cost of $ 600-700 per thousand cubic meters of gas will hold out at least until March 2022. Western countries will be able to receive additional volumes of blue fuel only through the Nord Stream-2 pipeline, the expert noted.

“However, even in the case of obtaining permission to operate NS2, most likely, the energy balance of Europe will not change radically, because the gas pipeline also takes time to launch it at full capacity. I suppose that amid of high demand, the situation on the market will change little. High prices in Europe are a prospect for the next five to six months," Gromov said.

Earlier in Europe, the price of December futures on the Dutch TTF index reached $ 960 per thousand cubic meters of gas. By ten in the morning Moscow time, the rate of quotations decreased to $ 951. The relevant data was published on the website of the ICE Futures exchange.
Gromov Alexey I. Principal Director on Energy Studies, Head of the Energy Department
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