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Nord Stream 2
Status 3 May 2017
Enhancing European Energy Security
2
The Pipeline Will Run Through the Baltic Sea – Along the Proven Nord Stream Route
> With an overall length of 1,200 km, the Nord Stream 2 Pipeline will connect Europe to the largest gas fields in the world, in Russia
RUSSIA
ESTONIA
LATVIA
FINLAND
LITHUANIA
POLAND
SWEDEN
RUSSIA
NORWAY
DENMARK
Narva Bay
> Design & implementation verified by independent certification
> Extensive international consultation and permitting process
> Construction and design will follow the Nord Stream model
> Route optimised for maximum efficiency and minimum impact on the environment
Lubmin nearGreifswald
GERMANY
3
> Nord Stream 2 is a new natural gas pipeline through the Baltic Sea to connect Europe to the largest gas fields in the world, supplementing existing gas transportation with up to 55 bcm/a
> Nord Stream 2 is a privately funded project to reinforce the European gas supply, backed by major European companies
> EU domestic gas production has fallen in recent years and is expected to fall further within the next 20 years (-50%, about 70bcm less) while traditional suppliers from Norway (-25bcm) and Northern Africa (-30bcm) will not be able to supply Europe at today’s level anymore
> At the same time, EU gas demand remains steady so additional gas imports and capacity are required to meet European demand and safeguard supply security
> Nord Stream 2 will bring considerable benefits by:− Increasing security of supply – by connecting to the world’s biggest gas reserves− A more competitive EU gas market – by adding new capacity the market needs − Supporting sustainability goals – natural gas is a cost-efficient decarbonisation option
Nord Stream 2: a Commercial Initiative to Reinforce the European gas supply
941 994 1,113
20302020Current2)
+18,3%
1,038
2040
164165270198
2020Current2)
+63,6%
2030 2040
143131 312208Current2) 20302020
+138,2%
2040
705 832
Current2) 2040
1,433
2030
1,136
+103.3%
2020
441 509 660 804
20302020
+82,3%
2040Current2)
Americas
Eastern Europe & Eurasia
Asia & Oceania
Middle East
Africa
Latin America
Global
2020 3,794
Current2) 3,502
2040 5,169
2030 4,439+49%
4
Global Gas Demand Is Set to Grow by About 50% by 2040, Increasing Competition Over Gas
1) Demand growth leads to increased need for LNG because production and consumption locations further diverge from each other, i.e. Asian region is among the largest consumers globally, but has close to no natural gas resources itself or in proximity of a pipeline
2) Current = 2014Source: IEA WEO (2016)
World Energy Outlook 2016: Natural gas demand in New Policies Scenario [bcm]
657 655 678 725
204020302020
+10,4%
Current2)
Europe competes with other regions over gas
resources
5
A European Natural Gas Supply Gap Is Emerging due to Decreased Production
133 bcm
119 bcm
141 bcm
481 bcm 472 bcm
European gas demand mostly stable
2015 2035
41 bcm
72 bcm
94 bcm
288 bcm
8 bcm10 bcm
35 bcm
Russia
LNGNorthern Africa
Norway
EU
**
(Azeri)
120 bcm import gapto be filled by Russian gas and
LNG, share will be set by the market
Drop in domestic production and lower output from other supply
** Statistical difference of ~12 bcm in 2015Sources: adapted from Prognos 2017, based on EU Reference Scenario 2016, adapted with NOP 2015, OGA (Oil and Gas Authority) production projections, February 2016, NEP Gas 2016, Norwegian Petroleum Directorate; The Oxford Institute for Energy Studies, Algerian Gas: Troubling Trends, Troubled Policies, May 2016; The Oxford Institute for Energy Studies, Azerbaijan’s gas supply squeeze and the consequences for the Southern Corridor, July 2016, BP Statistical Review of World Energy, June 2016; demand includes EU-28 and Switzerland, excludes western imports to Ukraine
6
Nord Stream 2 Increases Security of Supply
Russia47,768 bcm
Ob-Taz bay gas fields
thereofBovanenkovo4,900 bcm
Source: BGR 2016
> Nord Stream 2 provides the most direct access to the world’s biggest gas reserves − Bovanenkovo alone holds more than
double the EU’s total proven reserves− Reserves of over 47,000 bcm connected
to European consumers− Ready to export fields add 100 bcm of
new supplies whenever needed
> Provides a total capacity of 55 bcm of gas, enough to power 26 million households
> Strategic location to supply Europe – not at risk with rising global gas competition (+25-30% demand by 2035)
> Offers an additional transport system to Europe, enhancing supply security
Norway1,856 bcm
EU-281,513 bcm
> Gas flows freely within the EU internal market and will be traded at hubs in competition with other gas sources
> Nord Stream adds more liquidity, thereby stimulating new connections and enhancing the functioning of the integrated market – in line with EU energy strategy
> It is the most cost effective option for Europe due to:− Major long term investment in the
Russian gas fields − Efficiency of offshore route, where high
powered compression saves fuel gas
> Increased competition benefits the European economy
7
Nord Stream 2 for a More Competitive EU Gas Market
> Competitive route option for delivering gas to hubs in North-Western Europe and to the hub in Baumgarten
> Transportation tariff attractive for shipper
> With rising import requirements, EU benefits from multiple routes to bring gas to the EU gas market
8
Nord Stream 2 Is a Competitive Transport Option
33.7
41.8
55.1
40.7
0
10
20
30
40
50
60
German-Netherlandsborder
Baumgarten
Nord Stream
Ukraine
Cost of Transport from the Russian border (Euro per 1,000 m3)
Calculations made based on open sources, incl current tariffs of TSO’s (transmission system operators) and revenue assumptions for the potential route via the Black Sea1Source: New Europe, 'Nord Stream 2 vs Ukraine transit: costs should decide', 5 July 2016, https://www.neweurope.eu/article/nord-stream-2-vs-ukraine-transit-costs-decide/
Tariff rates for 1000 m3 on 100 km:
Nord Stream 1: < 2 EURNord Stream 2: < 2 EURUkraine current: ~2.26 EUR1
Ukraine new regime: ~4.30 EUR
9
High Capacity Utilisation of the Nord Stream Pipeline at ~80%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
2011(Nov-Dec)*
2012* 2013 2014 2015 2016 2017(Jan-Apr)**
* Based on 27.5 bcm per year; all other yearly figures based on 55 bcm.** Based on 167.4 mcm per day.
Gas transported until Apr 2017: 170.0 bcm
10
Nord Stream 2 Delivers Sustainability Benefits
Sust
aina
bilit
y B
enef
its
Low-emission Gas Transport
Lower CO2Emissions in Power
Generation
Environmentally Friendly Pipeline
> Better carbon footprint than LNG liquefaction chain> Lower emissions from fuel gas use than onshore
systems due to efficient compression to 220 bar
> Use of 55 bcm natural gas instead of coal could save 14% CO2 emissions of EU power generation
> Ideal partner to renewables
> Can be constructed in a fraction of the time compared to onshore systems
> Monitoring of Nord Stream shows environmental impact is minor, local and short term only
> Generating electricity from gas-fired power plants produces up to 50% less CO2 than from coal-fired plants
> Gas-fired power stations are more efficient than coal: 60% compared with 25-45%
> Nord Stream 2 could save ~14% of the EU’s total CO2 emissions from power generation if the 55 bcm gas replaced the same amount of coal
11
Gas Supports Decarbonisation Goals
865
216
49
77%
Electricity mix 2014 in EU-28 by energy source*
Power sector emissions
* Source: IEA, WEO 2016
mtCO2
Coal27%
Gas14%
Nuclear28%
Oil2%
Hydro12%
Wind8%
Solar3%
Biomass and waste
6%
2020 >2015 2016 2017 2018 20192012-13
The Project Is Well Underway
Construction and Commissioning
Feasibility Study
Operation
EIA ProgrammeConsultation
Environmental Monitoring
Surveys and Engineering
Procurement and Delivery, Pipe Logistics
Permitting and Environmental Impact Assessments
> Material and service contracts− All major tenders awarded: steel, logistics, pipelay− Delivery of the first pipes to concrete coating plant
end of September 2016 – 30% at the stock yards by April 2017
− Concrete weight coating started in March 2017
> Permits and surveys− Espoo Report, Finnish EIA, and permit
applications submitted in Sweden, Denmark and Germany; remaining ones to follow in 2017
− Over 47,000 km of surveys completed using 24 different vessels
13
Significant Advancements Within Timeline Have Been Made
14
Nord Stream 2 – a European Project
Italy
UK
Denmark
Germany
Russia
Sweden Finland
Netherlands
Switzerland
Norway
Port of MukranPort of HaminaKotkaPort of Karlshamn
Logistics
3
12
4 Port of Hanko Koverhar
3
42
19
Pipes & MaterialsEUROPIPEOMKChelpipePetrolValvesVoestalpineMMK Dillinger HütteImpalloyWasco Coatings
2
1
4
Saipem FanoFugro SurveyGeoNextMMTN-Sea
Engineering & Surveys
1
2 3
RambøllIfaÖDNV GLSvarog
Company Headquarter in Zug
123
Business TrendDelta Energy ServicesIntertek
4
567
Environmental Studies, Quality Management, Safety & inspection
5
1
26
3
5
4
3
5
6
1
1 Austria
A multi-billion euro investment in European industry and services involving over 200 companies from 17 countries. A selection:
1
8
Offshore PipelayAllseas1
1
765
34
2123
6
7
7
98
4
654
Leading Energy Companies Are Strongly Committed to Implementing the Project
100% Shareholder
provides up to 50 percent of the
estimated project cost of 9.5 billion euros.
Financial Investors
support the project by providing up to50 percent of the
financing, up to 950 million euros each.
15
Project Developer
What Financial Investors Say About Nord Stream 2
“We should not politicise this economic project, which will increase security of supply. Europe needs to diversify
import routes for Russian pipeline gas. Every new pipeline increases liquidity and competition in Europe’s gas
market”(Quote in Handelsblatt.com article - 06/04/2017)
Rainer Seele, CEO, OMV
“I have always said that I believe this project is strategically relevant for Europe. It is strategically
important for us too” (Interview with Energy Post - 17/02/2017)
“The financial commitment of the European companies underscores the strategic importance of the Nord Stream 2
pipeline project for the European gas market” (Signing of the financing agreements-24/04/2017)
Klaus Schäfer, CEO, UNIPER
“ENGIE is proud to support Nord Stream 2. This project will improve security of gas supply in Europe… it will also
reinforce the role of gas, a low-carbon energy source, in the energy transition”
(Twitter @isabelle_kocher - 24/04/2017)Isabelle Kocher, CEO, ENGIE
> EUR 8 billion CAPEX
> EUR 9.5 billion total expenditure (including financing costs)
> 70% of funds will be secured from financial markets
> 30% shareholder funding
> 220 employees from 20 nations, based in Zug, Switzerland –additional offices in St Petersburg and Moscow
> Investments in over 10 European countries
Nord Stream 2 Is a Privately Financed and Fully Operational Project Developer
18
For further information, please contact:
Contact
Email: info@nord-stream2.com
Website: www.nord-stream2.com
Twitter: @nordstream2
Nord Stream 2 AG
Baarerstrasse 52
6300 Zug, Switzerland
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