Market participants should slowly adjust to the fact that Nord Stream 2 will not be ready by the end of 2019. In April, the project company of the pipeline published on its website a lengthy press release. The main message: Nord Stream had to apply for a new route around Denmark. After the southern route and the northern route (both around the isle of Bornholm; see the graph in the market rumour section of the previous edition), the Danish energy agency now had to apply for permission for a new southern route. The background: Poland and Denmark agreed to swap zones in the Baltic Sea. Now Denmark has a new piece of exclusive economic zone south of Bornholm (for Poland, the swap makes sense because of the Baltic Pipeline). The Danes now want Nord Stream 2 to file a new application for the new southern route. However, this would make a new environmental assessment necessary. This would take time and definitely not be ready early enough for the pipeline to be completed by the end of the year. The project company accuses Denmark of delaying the project on purpose. But it is unlikely that Nord Stream 2 will be able to avoid the delay. Therefore, there is an urgent need for gas from Gazprom and Naftogaz Ukraine, or the future independent Ukrainian system operator (its creation is also a difficult process), to agree on some form of transit agreement beyond 2019. The current transit contract expires at the end of this year. The longer this takes, the more likely the associated risk will be visible in the market prices (see chapter 18.104.22.168).