According to the company’s website news release on October 7, 2022, on Monday September 26th, Gasunie was informed by Nord Stream about a pressure drop observed in the gas pipelines. Gasunie owns a 9% share in Nord Stream 1. Gasunie is not a shareholder in Nord Stream 2.
It soon became clear that the pipelines had been damaged in several places, allowing the gas that was still in the pipes to escape. It seems very plausible that the damage has been caused deliberately. The deliberate damaging of pipelines is unprecedented and very grave, also because of the serious environmental damage that has arisen as a result. The exact extent of the damage and possible follow-up actions can only be determined after inspection of the pipelines and that is not yet possible at this moment. As a shareholder, Gasunie will assess the situation that has arisen as soon as there is more clarity. Gasunie are in close contact with our European partners and the relevant government authorities.
Security of supply
The two pipelines of Nord Stream 1 were not in use, so this damage will not affect the gas transport to Europe. Gazprom had already reduced deliveries via Nord Stream 1 in recent months and after maintenance work on their own facilities in September, did not resume gas deliveries to Europe via this pipeline.
Even if both Nord Stream 1 pipelines turn out to be unavailable for a longer period, this need not have any consequences for the security of supply in the Netherlands in the coming winter. Gasunie Transport Services recently analysed that no gas shortages need to occur in the Netherlands if Russian gas in Europe were to be completely eliminated for a year. In that case, however, a number of preconditions must be met. Due to the high filling level of the gas storages (more than 90%), the doubling of the LNG import capacity via the Eemshaven and Rotterdam, the full utilization of the import connections with the UK and Belgium and the significant demand reduction as a result of the high prices, the preconditions for this scenario are currently met.
Annual Report 2022
With the publication of the half-year figures in July, Gasunie announced that the accounting value of the share in Nord Stream 1 had been reduced from 508 to 240 million euros. If the consequences of the current situation will be of a financial nature, we will include this in the publication of annual report. This publication is planned for next spring.
Gasunie is of course monitoring the situation closely and are in constant contact with the Dutch government and other European gas infrastructure companies.
