Russia

Nord Stream 2 reduces security of EU gas supply

путин-потокNord Stream 2 does not diversify the EU energy supply and routes. The project aims at exactly the opposite — it would concentrate more pipelines in the existing gas export corridor leading to Germany.

In the past 15 years, Russia has built two export pipelines (Yamal-Europe and Nord Stream) capable of delivering 85bn cubic metres (bcm) of gas per year to Germany. Nord Stream 2 would add another 55 bcm/year. With Nord Stream 2 commissioned, more than 90 per cent of the total Russian gas exports to the EU would go to or through Germany. Last winter Moscow did not like the reverse gas sales from the EU to Ukraine, and Gazprom “punished” Europe by reducing the daily flows of Russian gas to the west.

Now imagine what may happen if Nord Stream 2 is in place and a German judge rules in favour of the shareholders of Yukos? Or if the German Chancellor does something the Kremlin does not like?

 

Mikhail Korchemkin

President, East European Gas Analysis,

Malvern, PA, US