: :inin Kyiv (EET)

A German gas crisis will cause jitters across Europe

By Constanze Stelzenmüller“We just don’t know. Everything is possible.” This was German Economics Minister Robert Habeck’s succinct response to the question currently consuming his country’s government, industry and public: When the 10-day scheduled maintenance to the Nord Stream 1 pipeline ends on July 21, will the Russian state-controlled gas exporter Gazprom resume deliveries? Or will Vladimir Putin perform a gasectomy on Germany?
A graph in the Federal Network Agency’s latest supply status report shows how much gas is currently flowing in at three connector points for Russian gas on Germany’s eastern border: none. “The situation,” says the agency, “is tense and a worsening of the situation cannot be ruled out.”
That is a bit of an understatement. Nord Stream 1 supplies 58% of Germany’s annual gas needs. The benchmark European TTF gas price has already risen by more than 130% since the beginning of Russia’s invasion of Ukraine on February 24, to more than €170 per megawatt hour. In late June, after Russia reduced supplies by 60%, Berlin triggered the second stage of its national gas emergency plan — one step away from gas rationing.
Germany also receives gas from Norway, the Netherlands, and Belgium. But Russia could have redirected its gas via …read more

Source:: Brookings


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