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Europe Steels Itself for Nord Stream Shutoff

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Germany and all of Europe are scrambling to prepare for a prolonged shutdown of the giant Nord Stream gas line. Europe believes Russia could find reasons to extend a 10-day routine maintenance in retaliation for Western sanctions over its invasion of Ukraine. Last month, Moscow cut flows to 40% of the pipeline’s capacity, citing the delayed return of gas turbines being serviced in Canada by Siemens. Europe’s split with Russia is already starting to remake the continent’s gas market and rising state intervention could accelerate this process. Current EU gas storage levels are at 62.6% and the bloc is aiming to hike this to 80% by Nov. 1. Nord Stream flows 55 billion cubic meters per year of gas from Russia to Germany under the Baltic Sea. Maintenance is scheduled to last from Jul. 11-21. Canada’s decision to issue a “time-limited and revocable permit” to allow a Siemens turbine to be returned to the pipeline was welcomed by Berlin but Gazprom warned it has yet to receive the official clearance.

Topics:
Gas Supply, Gas Pipelines, Gas Demand, Gas Prices, Electricity Prices, LNG Contracts, LNG Supply, Ukraine Crisis
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