Energy transition
2026-04-26
9 minute read
10 sources
Russia and China Gas in 2026: Power of Siberia 1 Ramps, Power of Siberia 2 Stalls, and the New Eastern Pricing Reality
Power of Siberia 1 is approaching contractual capacity, Power of Siberia 2 is hostage to a Gazprom and CNPC pricing impasse, and the loss of European volumes has shifted Moscow into a structurally weaker eastern bargain.
Russian pipeline gas to China is on track to fill the 38 bcm Power of Siberia 1 contract through 2026, with 2024 deliveries near 31 bcm and 2025 estimates approaching design capacity. The proposed 50 bcm Power of Siberia 2 line via Mongolia is stalled at FID by a pricing standoff with CNPC, Mongolian transit terms, and Beijing's preferenc...