The French finance minister stressed that the most likely scenario is a complete stoppage of natural gas supplies from Russia. However, Canada “unblocked” the repaired Nord Stream turbine.
The flow stops from Monday Russian natural gas to Europe, as under the guise of maintenance work, Moscow closes the pipeline Nord Stream 1 and no one knows if and when it will reopen.
Germany is in an energy alert while the French Finance Minister Bruno Le Maire warned that Europe must be prepared for the possibility of a Russian gas cut, saying it is the most likely scenario.
“Let’s prepare for a Russian gas cut. Today is the most likely scenario. It assumes that we will accelerate our energy independence,” said Bruno Lemaire.
The hot energy front and securing the power supply will concern them EU finance ministers, at tomorrow’s meeting Eurogroup in Brussels.
Canada has unlocked the coveted Nord Stream 1 turbine
The Kremlin claimed that for the re-operation of Nord Stream 1, a turbine of German Siemenswhich was being repaired in Canada, but was not being returned to Russia because of the western sanctions.
Brussels intervened in the case and after consultations, the Canada agreed to return the repaired gas turbine back to Germany for use in the Nord Stream pipeline.
Germany is preparing for the inability to pay bills
The situation in Germany does not bode well. Households face excessive bills and officials are proposing a moratorium on power and heating cuts in the event of non-payment.
“We have to be prepared for difficult times in the winter when consumers need special protection. In such a crisis situation, no one should cut off their electricity or gas because they are late in paying the bill.”said Steffi Lemke Minister of Consumer Protection Germany.
Stournaras: This is the perfect storm
In the meantime, Giannis Stournarasgovernor of the Bank of Greece talks to the Bloomberg agency about a “perfect storm”.
“It is true that we are in the middle of a perfect storm, pandemic power disruptions, higher energy prices, gas prices are 500% higher than the beginning of the year, electricity prices are 250% higher than the beginning of the year.”
Concern in the UK too
Hot prices at foods and energy are preparing to face and at Britain. Analysts estimate that there is a risk of 5 to 6 million households being in a state of energy poverty.
“Gas is also used to make fertiliser, which is why we’re seeing all these food prices shoot up, but I mean, speaking more generally, many households in Britain are facing rising bills that are putting 5-6 million households into ‘energy poverty'” compared to last April”, explains the Leon Izbiki his analyst Energy Aspects.
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