Gasunie sees no future in Nord Stream and wipes out hundreds of millions

Gasunie sees no future in Nord Stream and wipes out hundreds of millions
Nord Stream 1 in northeastern Germany

NOS News

The national gas grid operator Gasunie is writing off hundreds of millions of euros on an investment in the Nord Stream 1 pipeline. The company expects that the pipeline will no longer be used for the foreseeable future.

At the end of September, Nord Stream 1 and 2 were damaged after explosions in the Baltic Sea. In 2007 Gasunie invested more than half a billion euros in the construction of Nord Stream 1 and in return received a 9% stake in the pipeline.

The pipeline was intended to transport gas from Russia to Germany. Due to sanctions between Europe and Russia, transportation has virtually stopped.

Last summer, Gasunie had already written off half of that investment, because the pipeline was no longer in use. Now the administrator has deducted the entire amount.

More profit

At the same time, Ghazouni benefited greatly from the gas crisis. And the use of the gas network increased, which led to a rise in sales volume from 900 million euros to 2.3 billion euros. Profits amounted to 555 million euros, compared to 311 million a year earlier.

Much of this extra turnover will be returned to users in the coming years, because Gasunie tariffs will drop. The Dutch state is the sole shareholder of Gasunie.

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