Europe fears that Russia will prolong the cut in retaliation for the sanctions Westerners imposed after the invasion of Ukraine and has accused Moscow of using the energy supply as “weapon of war“, something that the Russian company denies, alleged instead technical reasons for the cuts.
germany got ready
The chairman of the German grid regulator said Germany was better prepared for outages as its gas storage was nearly 85% full capacity and was securing supply from other sources.
“We can take gas from the storage in the winter, we are saving gas (and we have to keep doing it!), the LNG terminals are coming, and thanks to Belgium, Netherlands, Norway (and soon France), the gas is flowing,” Klaus Mueller said on Twitter.
New restrictions on gas supply in Europe would aggravate an energy crisis that has already quintupled wholesale gas prices since August from 2021taxing consumers and businesses and forcing governments to spend billions to ease the burden.
In Germany, the inflation in August it was the highest in almost 50 years, and consumer confidence deteriorated, as households brace for a rise in energy bills.
Gazprom turned off the tap
Unlike Nord Stream’s 10-day maintenance shutdown on July 1, the latest work was announced less than two weeks in advance and is being carried out by Gazprom rather than the operator.
Russia, which cut supply through the pipeline to 40% of capacity in June and 20% in July, blames maintenance problems and sanctions that it says prevent the return and installation of equipment.
The Russian government said on Wednesday that Germany, not the Kremlin, was doing everything it could to screw up its energy relations with Moscow.
Gazprom said the last stop was necessary for maintenance of the only compressor left for the gas pipeline at the station Portovayain Russia, and stated that the work would be carried out jointly with specialists from Siemens.
Siemens Energy, which has already carried out maintenance work on the station’s compressors and turbines in the past, said on Wednesday that it was not involved in the maintenance but was willing to advise Gazprom if necessary.
Russia has also stopped supplying Bulgaria, Denmark, Finlandthe Netherlands and Polandand on Tuesday announced that it would suspend gas deliveries to the French contractor due to a payment dispute, which the energy minister of France called an excuse.
Europe time trial for the winter
The reduction in flows through Nord Stream 1 has complicated efforts across Europe to save enough gas to get you through the winter months, and governments fear that Russia could cut off flows altogether.
“It is something of a miracle that gas filling levels in Germany have continued to rise despite everything,” the analysts wrote. Commerzbankwho noted that the country has so far managed to buy enough at higher prices elsewhere.
Meanwhile, some Europeans are voluntarily reducing their energy consumption, including limiting the use of electrical appliances and showering at work to save money, while companies prepare for possible rationing.
The European Union as a whole, it reached 80.17% of its storage capacity, already exceeding the target of 80% set for October 1, the date on which the heating season begins on the continent.
analysts of Goldman Sachs they said their base-case scenario was that the latest Nord Stream 1 outage would not last.
“If it did, there would be no more element of surprise and reduced revenue, while low flows and the occasional dip to zero have the potential to keep market volatility and political pressure on Europe higher,” they said.
Source: Ambito
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