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23Jan22

Rossiyskaya Gazeta: Nord Stream 2 remaining idle may lead to gas price hike in Russia

Nord Stream 2 remaining idle may be a symbol of Europe’s gas crisis and extremely expensive energy resources. Russia is not suffering any financial losses over this since high gas prices compensated all investments into this project. Yet if the situation does not change during this year, this may lead to losses in revenues to the budget and more expensive domestic gas.

The freezing of Nord Stream 2 will make the accelerated expansion of LNG production and the development of gas conversion the only ways to implement Russia’s export potential. The uncertainty in terms of the certification timeframe and launch of Nord Stream 2 against the background of Europe’s critical need for gas indirectly, through its contribution to shaping market prices, impacts the development dynamics of Russia’s LNG industry, Ivan Timonin from Vygon Consulting thinks.

According to Deputy Director General of Russia’s National Energy Security Fund Alexey Grivach, the decrease in export revenue from pipeline gas may make it more difficult to subsidize lower domestic gas prices, finance gas infrastructure development and could result in reduced income for the country’s budget.

[Source: Tass, Moscow, 22Jan22]
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