Gazprom's
market conditions in Europe are improving as a result of nuclear power
restrictions, despite it agreeing price discounts with Edison,
says Renaissance Capital. "While providing discounts to one European
customer may be interpreted by the market that Gazprom's
export strategy based on long-term oil-indexed contracts could be changing, we
think that market conditions in Europe could
be changing in favor of Gazprom,"
it notes.
"The recent MoU signed between RWE and Gazprom
on a power JV in Europe is, we believe, further evidence that Gazprom
is operating under better conditions in Europe
than two years ago," adds Renaissance.