The price of natural gas in Europe on Tuesday rose to $1,400 per 1,000 cubic meters after Germany said Russia’s Nord Stream 2 pipeline could not be greenlighted for launch, citing rising tensions on the Ukrainian border.
<blockquote> <span><strong>Read more</strong></span> <figure> <img src="https://cdni.rt.com/files/2021.12/thumbnail/61b77c1520302738a6339c13.jpg" alt="Piping systems and shut-off valves are pictured at the gas receiving station of the Nord Stream Baltic Sea pipeline, in Lubmin, Germany" /> <figcaption><a href="/business/543081-nord-stream2-situation-ambiguous/">Germany risks ‘complete loss of credibility’ – former top diplomat</a></figcaption> </figure> </blockquote>
The price of January futures on the TTF hub in the Netherlands rose 5.5% to $1,428 per 1,000 cubic meters at 7:04am GMT, or $138 per megawatt-hour in household terms, according to data from the Intercontinental Exchange.
A day earlier, gas prices in Europe jumped around 10% after German Foreign Minister Annalena Baerbock said Russia’s newly constructed Nord Stream 2 pipeline could not be put in operation because it did not meet the requirements of EU energy law. Berlin suspended the pipeline’s certification process last month because its ownership structure failed to comply with the EU’s gas directive, which forbids the same company from supplying and selling energy within the bloc.
<blockquote> <span><strong>Read more</strong></span> <figure> <img src="https://cdni.rt.com/files/2021.12/thumbnail/61b761ed20302739236a9c96.jpg" alt="Gas compressor station Nesvizhskaya, one of the five stations on the Belarussian strip of the Yamal-Europe pipeline, Belarus" /> <figcaption><a href="/business/543048-belarus-europe-gas-supplies/">What’s next if Belarus delivers on threat to cut off gas transit to EU?</a></figcaption> </figure> </blockquote>
Baerbock, however, noted that the escalation of tensions on the Russian-Ukrainian border was “also a factor” in delaying the pipeline’s launch. This is due to Berlin’s agreement with Washington that Russia cannot use Nord Stream 2 as a political weapon in its relationship with Ukraine.
The energy crisis on the continent deepened further after Belarus renewed its threats to cut off European gas supplies from Russia via the country’s pipeline network if more EU sanctions were imposed over the ongoing migrant crisis on Belarus’ western border.
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https://ift.tt/3IZU0SP 14, 2021 at 04:05PM
from RT – Daily news