HomeMediaLatest NewsNord Stream 2 will stabilize gas prices in Europe in 2022

Nord Stream 2 will stabilize gas prices in Europe in 2022

19 August 2021

Belogoryev Alexey M. Research and Development Director, Director of the Center for Energy strategic analysis and forecasting

Aleksey Belogoryev, Deputy Director on Energy Studies at the Institute for Energy and Finance, commented to the Economics Segodnya FBA on the prospects for pumping gas through Nord Stream 2.

The volume of gas pumped through Nord Stream 2 in 2021 depends on several factors, Aleksey Belogoryev, Deputy Director for Energy at the Institute for Energy and Finance, noted.

"If Gazprom maintains the schedule envisaged for the commissioning of Nord Stream 2, then about 5 billion cubic meters of gas can be supplied in 2021, but this will not save the EU gas market," Belogoryev said.

Earlier, gas prices fell by 10% due to information that gas from Nord Stream 2 began to be supplied to the EU through Eugal. This is not true - the first line is undergoing experimental and commissioning work, and the second still needs to be completed.

It remains to construct a little over 10 km, but until the work is completed, there will be no deliveries.

Gas prices on the spot in August are above $ 500 per thousand cubic meters - these are astronomical prices for Europe, close to those in Asia.

“Spot gas prices in August are higher than they were in July. They are very large for the summer season, and one cannot speak of a real price correction, news about Nord Stream 2 does not affect this situation," Belogoryev concludes.

“It is not clear how to transport gas from Nord Stream 2 further to Europe, problems arose with the Opal gas pipeline, which is why it is difficult to say on what scale it will be possible to use the project's capacities in 2021,” Belogoryev sums up.

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