Rising gas prices, Germany blocks Nord Stream 2
Rising gas prices, Germany blocks Nord Stream 2

Natural gas prices rise sharply after Germany postpones certification of Nord Stream 2 gas pipeline and Russian company Gazprom does not increase supplies to Europe

Quotes of the Dutch hub TTF rose by 8% on Wednesday and reached over 100 euros per megawatt-hour, which is the highest level since October 18.

According to German government sources, the decision could delay the launch of the pipeline until March 2022.

At the same time, a number of experts warn that Europe is facing an energy crisis this winter because there is not enough gas in gas storage facilities. Ukraine's state-owned gas transmission operator said on Wednesday that there were no signs of an increase in Russian gas supplies to the European Union, as promised by Gazprom on the orders of Russian President Vladimir Putin.

Due to insufficient gas supplies, Europe could face power outages this winter if temperatures are low, said Jeremy Weir, CEO of Trafigura, one of the world's largest commodity traders. Meanwhile, the situation on the border between Belarus and Poland remains tense. The EU has accused Minsk of human trafficking and imposed sanctions, while Russia says Russia is behind the escalation.

Polish Prime Minister Mateusz Morawiecki has announced that the Nord Stream-2 gas pipeline should be shut down immediately and plans to discuss the issue with Olaf Scholz, who will eventually head Germany’s future government. "Poland is currently defending the EU border," Morawiecki told German media. Moravetsky If we talk about a broader perspective, let's work together for peace and not give additional funds in the hands of Vladimir Putin, with which he can continue to arm himself. "

The Nord Stream-2 certification process will be resumed after the pipeline operator, controlled by Gazprom, handed over its main assets and human resources to a German company. The regulator will then be able to re-examine the submitted documents. Gazprom said it was sympathetic to the request, and the pipeline operator was following all of Germany's recommendations and was ready to set up a new legal entity to meet Germany's legal requirements.

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