Gazprom is the largest gas producer in Russia and is the gas monopolist in exports. It covers about 75% of the domestic gas demand, being legally bound to supply home consumers, regardless of profitability. The domestic gas market has always been highly regulated. Only in 2008 did the planned tariff hike reach the break-even point, after which domestic gas sales became marginally profitable for Gazprom. Domestic gas sales account for a little more than 50% of Gazprom’s gas business, but generate only 15% of its overall revenues. These revenues bear no relation to export revenues.
KeywordsWholesale Price Spot Price International Energy Agency Spot Prex Trunk Pipeline
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