Ulrich Lissek will present an update on the status of the Nord Stream 2 project and why it is needed as Europe becomes more import dependent. European gas demand is increasing (in Germany particularly due to the nuclear phase out and planned coal phase out), but indigenous EU production is in decline. Other sources of imports of gas to Europe (e.g. Norway, North Africa) are expected to decline as well resulting in an import gap of about 120 bcm in 2035. This gap has to be filled by a mix of Russian gas and LNG from various sources, with European consumers deciding how much gas they will buy and from whom they will buy it. Nord Stream 2, with a capacity of 55 bcm/y, will connect the EU directly to the world’s largest gas reserves in Russia, contributing to competition within the diversified European gas market and benefiting European gas consumers by enabling them to choose between generally more expensive LNG or pipeline gas.