Moscow’s decision not to reopen the pipeline on Saturday has raised concerns that the European Union could run out of gas this winter despite successful efforts to fill storage tanks. Wholesale natural gas futures rose more than a third on Monday on concerns about
Some countries are preparing large sums of money to contain the pain.
Together with the measures so far, the total government aid will be €95 billion ($64 billion), about 2.5% of Germany’s GDP, Berenberg chief economist Holger Schmieding said in a note on Monday. said to do.
Russia’s gas supply to “unfriendly” European countries and energy companies that refused to pay gas bills in rubles instead of euros or dollars as stated in contracts, as Russia claims have already stopped.
“Irrespective of this, we have already noted several times that the Portovaya Compressor Station has enough additional turbines to run Nordstream 1,” a spokesperson told CNN Business.
As the energy conflict escalates, EU countries are quickly filling up their gas storage facilities. Stores are currently filled to 82% of capacity, according to Gas Infrastructure Europe data. This is over 80% of the target the authorities have set for each country to reach him by November.
“Despite the serious risk of energy shortages, large parts of Europe expect to be able to weather the cold season without shutting down significant parts of their industry due to massive rationing of gas supplies.” said Schmieding in a note.