Russia’s Gazprom said the Nord Stream 1 pipeline will halt gas flows to Germany for three days. On Friday, the state-run company said a maintenance shutdown would take place between August 31 and September 2. The pipeline’s gas flows to Germany have already been cut to just 20% of its capacity. Loading Something is loading.
Russia’s state-run energy giant Gazprom announced Friday that it would shutter the Nord Stream 1 pipeline for three days between August 31 and September 2.
The company said the pipeline required unplanned maintenance, though it would resume as usual if no faults are discovered.
European natural gas prices, already hovering near record highs, rose on the news. Dutch TTF futures, the benchmark price in Europe, were up 2% to more than 262 euros on Friday. In the last five days, prices have climbed almost 19%.
The pipeline closed down for 10 days last month as part of its scheduled annual maintenance. But Gazprom had previously cut gas flows to just 20% of its capacity, citing technical problems. European officials have accused Moscow of weaponizing energy in retaliation for sanctions imposed after Russia invaded Ukraine.
Supply interruptions and cuts have forced European nations to seek alternative energy resources and mobilize rationing plans ahead of winter months. They are also scrambling to stockpile enough gas in storage tanks to use when heating demand ramps up.
Russia’s cuts to European gas deliveries have roiled global energy markets, triggering a worldwide race to secure enough supplies. The US has already replaced Russia as Europe’s top gas supplier. And buyers in Asia have also stepped up gas purchases, anticipating massive demand from Europe as it seeks alternative sources.
Europe is also stepping up its imports of diesel from sources around the world as an energy crisis grips the continent, forcing industries to burn the oil product instead of increasingly expensive natural gas.
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