Russia’s Gazprom has halted gas supplies via the Nord Stream 1 pipeline citing repair work. How will this affect Europe’s attempts to conserve gas for winter? Is Putin winning the energy war?
Energy war: Is Putin ahead?
Nord Stream 1: Russia shuts major gas pipeline to Europe
Europe’s worst nightmare is coming true. Their largest gas pipeline has been closed, and they will be in the dark unless the Russians reopen it in three days.
Russia deepened Europe’s energy squeeze as it halted gas supplies through a key supply route https://t.co/uKloClCCy2 pic.twitter.com/yjExpEReoE— Reuters (@Reuters) August 31, 2022
By buying gas from Norway, Holland, Belgium, and soon France, Germany is better prepared for winter. But Europe needs alternatives, and that’s why the EU is proposing an emergency measure.
European gas prices are shooting through the roof, and inflation is higher than ever. Unfortunately, Europe has limited options to solve this crisis, including a price cap on energy costs or import restrictions on Russian gas.
Europe could take a slice of the oil companies profits and use the extra money to subsidize consumer energy.
Wholesale prices determine electricity prices in the European market, but gas prices determine the final price. Gas is typically the most expensive source of energy. Yet Europe has created such a strained system to incentivize green energy by selling it at a higher cost.
🚨🧵 Putin’s #Russia is killing the planet by burning off straight into the atmosphere 4.34 million cubic metres (153M ft3) of gas daily at a new liquefied natural gas (LNG) plant in Portovaya, northwest of St. Petersburg, next to Finland. – BBC.— Igor Sushko (@igorsushko) August 26, 2022
This is environmental terrorism. pic.twitter.com/l1RR3Tua61
Russia’s gas war with Europe is not going to end anytime soon. However, Putin has more leverage than Europe regarding gas trading, and gas prices are so high that shutting down pipelines won’t really hurt Putin.
Russia has completely halted gas supplies to Europe
Russia has completely halted gas deliveries to Europe via the Nord Stream 1 pipeline, saying repairs are needed.
The Nord Stream 1 pipeline runs 1,200 km under the Baltic Sea from the Russian coast near St. Petersburg to northeastern Germany. It was shut down for 10 days in July for repairs.
European leaders fear Russia could prolong the outage to drive up gas prices, which have already soared over the past year.
French Energy Transition Minister Agnes Pannier-Runacher accused Russia of “using gas as a weapon of war.” Still, Russian President Vladimir Putin’s spokesman insisted Western sanctions had damaged Russian infrastructure.
The EU Commission has promised to intervene in the energy markets. Saying they are “no longer fit for purpose.” The Nord Stream 2 pipeline was halted after Russia sent troops into Ukraine.
Russia shuts major gas pipeline to Europe https://t.co/Ji36QP7iT1— BBC News (World) (@BBCWorld) August 31, 2022