Two recently published studies have highlighted how the Nord Stream 2 pipeline project will make a positive economic impact in Europe.
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A labour market and economic impact study by management consultancy Arthur D. Little has shown that the total economic benefit created by the EU pipeline will be over €5.15 billion. What’s more, as of the end of July 2017, investments in Nord Stream 2 have already created 31 000 full time-equivalent jobs, adding €2.25 billion in GDP.
Published on 4 October 2017, ‘Economic Impact on Europe of the Nord Stream 2 Project’ outlines the direct, indirect and induced effects of the major infrastructure project to build a 1200 km pipeline system to deliver Russian gas to the European market. These jobs were mainly in Russia, Germany, Finland and Sweden, where most of Nord Stream 2‘s construction activities are. Other countries include the Netherlands, the UK, Norway and Italy, which are home to offshore oil and gas industry contractors, in addition to international contractors.
A separate market modelling study, published by non-profit research institute ewi Energy Research & Scenarios on 20 September 2017, has concluded that the new pipeline would decrease gas prices in the EU. According to ‘Impacts of Nord Stream 2 on the EU Natural Gas Market’, by bringing additional gas to Europe, Nord Stream 2 would enhance competition and reduce the need to import liquid natural gas or LNG. This would subsequently lower LNG prices, resulting in decreased gas prices across the EU, the study found. European consumers could save €8 billion every year if the pipeline is operational in 2020, and no European state would be left out of the pipeline’s benefits, which would mean up to 13% lower gas prices, the study found.
Read the article online at: https://www.worldpipelines.com/project-news/23102017/new-nord-stream-2-pipeline-studies-published/