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Wednesday 20 January 2021

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Discussion on Energy
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The Role of the ESP in Gazprom’s European Sales Strategy

Jack Sharples By Jack Sharples, PhD, Research Fellow of the Oxford Institute of Energy Studies and EGF Associate Researcher on the External Dimensions of Russian Gas

Gazprom Export launched its Electronic Sales Platform (ESP) in the context of an increasingly competitive European market. Sales volumes have grown, and have averaged 2 bcm per month since April 2019. As a result of this growth, the ESP is now a key part of Gazprom’s European sales strategy: It generates additional sales revenues, optimises Gazprom’s use of is physical export infrastructure, and provides a constant flow of valuable market data that informs Gazprom’s wider sales strategy. Sales are largely concentrated in four countries, while deliveries are split between Ukrainian and non-Ukrainian routes. ESP sales prices closely track European hub prices for comparable products, and the sales volumes show that Gazprom’s counterparties consider the ESP an attractive offering. The operation of the ESP highlights the crucial element of Gazprom’s European sales strategy: The importance of nuanced optimisation, as Gazprom seeks to maximise its sales volumes without placing excessive downward pressure on European hub prices that would impact revenues from its hub-indexed LTC portfolio. Overall, the ESP demonstrates how far Gazprom has evolved in the past decade, as it seeks to retain market share on an increasingly competitive European market. READ MORE

  • January 7, 2021 06:18AM
Russian Gas Supplies to Europe: the Likelihood, and Potential Impact, of an Interruption in Gas Transit via Ukraine

aut.jpg Jack Sharples, EGF Associate Researcher and Andrew Judge, EGF Guest Contributor

The current tensions in Ukraine have generated speculation about the security of Russian gas supplies to the EU via Ukraine. This short article analyses the likelihood of a suspension of Russian gas supplies via Ukraine and the impact of such a suspension on EU gas imports. We find that a suspension of gas transit is far from inevitable, but cannot be ruled out. The impact of such a suspension would disproportionately affect Central and South-East Europe, with this region divided between those that have access to gas storage and/or alternative supplies, and those that do not. In this regard, Bulgaria remains the only EU member state in this region that has neither sufficient gas storage nor access to alternative supplies. READ MORE

  • March 24, 2014 19:30PM
EGF Forum View: Considering Greece as an Alternative Energy Corridor
 
August 2010
Marco Pantelakis
EGF Eurasia Energy Analyst
 
Greece Vs Turkey

Over the last decade, two energy rings have been forming in the Balkan/Caspian oil and gas pipeline/energy supply route context, first in Turkey and then in Greece. As a result, both countries have been elevated to the role of strategic energy corridor territories, linking the energy-rich Caspian region with Europe. Both Turkey and Greece exhibit vast potential in connecting Caspian supply sources with Western markets, both independently of one another as well as in unison. Taking this into account, the EU and the US in particular have endorsed policies which have privileged Turkey as the main interconnector between Europe and the Caspian in the scramble for European energy security. However, Ankara’s current geopolitical reorientation towards Russia (with whom it has developed a pragmatic, yet strong energy partnership) and the Middle East, along with the several security-political shortcomings that undermine the stability of the Turkish energy grid, might lead toward a rethinking of Western energy policy toward the alternative, emergent Greek (energy) ring. READ MORE

  • October 24, 2010 21:51PM
The EU-Russia Energy Partnership: Overcoming the Challenges

The energy trade between Russia and the countries of the European Union (EU) is of fundamental significance for the energy security of each party. Despite the close proximity of the EU-Russia energy relationship, however, the legal and political basis underpinning this relationship, particularly with regards to the gas trade, has proven itself inadequate in guaranteeing the energy security of both parties. Russia's recent announcement of its intention "of not becoming a member" of the Energy Charter Treaty, and new proposal for global energy security has created further uncertainty. While it is hoped that a new government in Kiev will lead to an improvement of Russian relations with Ukraine, Ukraine's national gas transportation operator remains in a difficult financial position and another gas crisis embroiling Ukraine, Russia and the EU, whilst hardly imminent, cannot be entirely ruled out.

Leading Russian and international energy professionals have shared their views on these energy policy challenges in an online session. Click here to go into the discussions or here to view forum summary

  • August 11, 2010 09:22AM
  • 39 comments

Documents

  • Joint Declaration on the Southern Gas Corridor
  • Energy and Geopolitics in Eurasia: why has energy become factor of tension rather than a factor of cooperation?
  • International Conference Gas Forum 2010, Warsaw, Poland
  • Agreement for cooperation in the peaceful uses of nuclear energy between the European Atomic Energy Community (Euratom) and the Government of the Republic of Uzbekistan
  • Agreement between the Government of Japan and the European Atomic Energy Community for co-operation in the peaceful uses of nuclear energy
  • Cooperation Agreement between the European Atomic Energy Community and the International Atomic Energy Agency
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Context

  • News Worried about weak oil demand, OPEC pledges action
  • Publications The 100th Issue of Gazprom Monitor
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