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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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Nord Stream 2 Comes Just As European Gas Prices Reach 13-Year High

The sooner Nord Stream 2 is commissioned and launched, the better chance the Russia-led gas pipeline to Germany will have to balance surging gas prices in Europe, including on the spot market, Kremlin spokesman

Dmitry Peskov said on Wednesday.

“Obviously, the commissioning of Nord Stream 2 as soon as possible will substantially balance natural gas price parameters in Europe, including on the spot market,” Peskov told reporters in Moscow today, as carried by Russian news agency TASS.

Europe’s current natural gas demand is huge, and if the winter is colder than usual, even more gas will be needed, Peskov added.

Last Friday, Gazprom said it had completed the construction of the Nord Stream 2 pipeline, although gas flows on the controversial Russia-led pipeline cannot begin until Germany grants an operating license to the project.

Germany’s federal networks regulator BNA said earlier this week that it would decide no later than January 8, 2022, whether it will certify Nord Stream 2 and issue an operating license for the natural gas pipeline.

Europe is grappling with soaring natural gas and electricity prices ahead of the winter heating season due to tight gas supplies, very low gas inventories across the continent, and low wind power generation amid still weather.

During the summer, even with the strong rebound in European natural gas demand and surging prices, Gazprom did not book additional entry capacity to Europe via Ukraine.

Analysts say that this could have been an opportunistic move from the Russian giant to drive up Europe’s gas prices further and take advantage of what are now the highest prices in 13 years. Other analysts think that Gazprom’s effective reduction in supplies would force Europe to recognize that gas customers on the continent need the controversial Nord Stream 2 pipeline to Germany bypassing Ukraine.  

By Tsvetana Paraskova for Oilprice.com

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  • Mamdouh Salameh on September 15 2021 said:
    Indeed, Nord Stream 2 couldn’t have come at a more opportune moment amid surging gas prices in the European Union (EU). It will enhance the EU’s energy security and stabilize soaring gas prices by bringing additional 50 billion cubic metres of natural gas supplies to the European Union (EU).

    The sooner Germany’s energy regulator grants Nord Stream 2 operating certification the earlier additional badly needed Russian gas supplies start to arrive in the EU.

    Yet, a group of US lawmakers driven by irrational enmity towards Russia are trying futilely to reverse the fact that Nord Stream has been completed a week ago and is now a reality.

    They should learn a lesson from America’s recent history dating back to the 1960s that their country never won against Russian oil and gas pipelines to Europe despite frantic efforts and sanctions by the administrations of John F Kennedy and Ronald Reagan.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • Hugh Williams on September 16 2021 said:
    German industry has done business for decades with Gazprom and have not complained about the service. However the German government has treated Russia and Russian industries as enemies. Perhaps because Uncle Sam seems to control German policies?

    It could be that this treatment will cause what the Pentagon fears most-- an economic union of
    Germany, Russia, and China.

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