Gazprom further cuts supplies through the Baltic Sea pipeline Nord Stream 1. From Wednesday onwards, 20 percent or 33 million cubic meters of gas would flow through the main supply line to Germany every day, the company announced on Monday. The gas price reacts immediately.
As of Wednesday, only 20 percent of the maximum possible capacity will flow through the Nord Stream 1 gas pipeline. Gazprom announced this on Monday. This corresponds to a volume of 33 million cubic meters of gas per day.
After a turbine was repaired, gas had been flowing through the pipeline again since Thursday last week. As before the repair, 40 percent of the maximum possible capacity per day was delivered. The reason for the renewed reduction in capacity is said to be the repair of another turbine.
Shortly thereafter, the Federal Ministry of Economics announced that there was “no technical reason” for reducing the gas supply volume via Nord Stream 1. “There are no technical reasons for the delivery cuts. The turbine is ready for delivery to Russia,” Economics Minister Robert Habeck told the German Press Agency. Siemens Energy’s export documents are complete, but Russia refuses to issue the import documents. “Russia breaks treaties and blames others.”
Siemens Energy confirmed Habeck’s statement. “Siemens Energy already had all the necessary documents for the export from Germany to Russia at the beginning of last week and also informed Gazprom about it,” the company announced on Monday. Only the required customs documents for import into Russia would be missing, but could only be provided by the customer.
The maintenance of the turbines is routine, stressed Siemens Energy. There have been “no significant complications” in the past ten years. The Canadian government’s current approval also stipulates that further Siemens Energy turbines can be serviced in Montreal and then exported. “We therefore see no connection between the turbine and the implemented or announced gas throttling at this point in time.”
“Putin is playing a perfidious game,” the minister continued. His strategy is transparent. “He is trying to weaken the huge support for Ukraine and drive a wedge in our society. In return, it fuels uncertainty and drives up prices. We oppose this with unity and focused action. We take precautions so that we can get through the winter.”
The announcement caused the price of natural gas to rise significantly. On Monday, the futures contract TTF, which is regarded as trend-setting, rose to 175 euros per megawatt hour on the energy exchange in the Netherlands. That is an increase of 7.7 percent compared to Friday.
The gas problem also threw back the Dax in late trading on Monday. The leading German index closed 0.33 percent lower at 13,210.32 points. The Ifo business climate published in the morning was weak, but did not stand in the way of the Dax on its way to interim price gains. The MDax for medium-sized companies ended the first trading day of the week down 0.54 percent to 26,632.66 points.
The Eurozone leading index EuroStoxx 50 climbed back into positive territory shortly before the end of trading and closed with an increase of 0.21 percent to 3604.16 points. In Paris and London, the leading stock exchanges also closed somewhat more firmly. On Wall Street, the Dow Jones Industrial ended moderately higher in Europe.
Moscow had reduced deliveries via Nord Stream 1 to 40 percent in June, citing the missing turbine, which was repaired in Canada but then initially not returned to Russia because of the sanctions. At the request of Berlin, Ottawa then handed over the machine to Germany. The German federal government wants to take away from the Kremlin an excuse for supply cuts.
However, Russia’s President Vladimir Putin recently threatened new cuts, citing the need to repair more turbines. According to this, a throttling is possible if a turbine repaired in Canada is not available again in time. Another turbine should therefore be sent out for repairs around July 26th. He then put those threats into action.
Gazprom had previously expressed risks for its installation in the Nord Stream 1 pipeline, despite the documents accompanying the turbine returned from Canada. “Gazprom has studied the relevant documents, but has to state that they do not solve the aforementioned risks and raise additional questions,” the company announced on its Telegram channel on Monday.
Gazprom demanded that the turbine be removed from the scope of Canadian sanctions. This must also be documented, otherwise the operation represents a significant risk of sanctions, the company said. In addition, questions remain about the sanctions from the EU and Great Britain, which are important for the delivery of this turbine and the repair of other units of the Baltic Sea pipeline.
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