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World

17. 11. 2021. 00:00   >>  15:21 0

GERMANY

Approval for Nord Stream 2 gas pipeline suspended

Germany has suspended its approval process for the controversial Nord Stream 2 gas pipeline which would double its reliance on Russian gas following growing geopolitical pressure to scrap the project.

Energy markets across Europe surged after the German energy regulator suspended its certification process, in a big setback to Kremlin-backed Gazprom’s plans to extend Russian gas dominance via a new pipeline across the Baltic Sea.

 

UK gas prices for next month surged 9.3% on Tuesday to 223p a therm, an almost three-week high, while the Netherlands – which is one of the biggest gas markets in Europe – suffered an increase of 7.9% to 88.05 euros a megawatt hour.

The German energy regulator said it would not continue its approval process until the Nord Stream 2 company, which is registered in Switzerland, transfers its main assets and staffing budget to its German subsidiary.

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