(Opinion) Bad news for the European Commission (EC). To replace the money lost by the non-start of Nord Stream 2, Russia is building a “stream” to China.
‘Power of Siberia 2’ is expected to work by 2024.
With cheap Russian gas, China is likely to leave the EU behind. China will be able to launch its factories at full capacity, with lower costs and higher profits.
The lack of gas in Europe means that metallurgy, heavy industry, steel, chemicals, tableware manufacturing, and many other energy-intensive industries will no longer be able to operate at competitive prices in Europe . . .