Germany shelves Nord Stream 2 pipeline

markin

This can't be good for the future of Gas prices!

"Germany is halting the controversial Nord Stream 2 pipeline in light of Russia’s incursion into Ukraine, Chancellor Olaf Scholz said.

The undersea pipeline, meant to ferry natural gas directly from Russia to northern Germany, is owned by a subsidiary of Russia’s state-owned Gazprom. Berlin has previously been reluctant to impose sanctions that would affect Nord Stream 2.

But at a press conference Tuesday, Scholz said that “the situation today is fundamentally different and therefore, in light of recent events, we must also reassess this situation … also with regard to Nord Stream 2.”

He said he had asked the German economy ministry to withdraw a binding opinion from October last year that stated the pipeline posed no security-of-supply threats.

“This sounds technical, but it is the necessary administrative step so that no certification of the pipeline can now take place,” Scholz added. “And without this certification, Nord Stream 2 cannot go into operation.”........"

"Former Russian Prime Minister Dmitry Medvedev, now deputy chair of Russia’s security council, reacted to Scholz’s decision by pointing out the EU’s dependency: “Welcome to the brave new world where Europeans are very soon going to pay €2.000 for 1.000 cubic meters of natural gas!” 

Prior to Scholz's announcement, Putin had said that he has no intention of slashing exports to Europe."

https://www.politico.eu/article/germany-to-stop-nord-stream-2/?