Germany determined to complete Nord Stream 2 pipeline despite US pressure, Merkel says

02/09/2020 09:20 Natural Gas


Chancellor Angela Merkel reaffirmed the German government's determination to complete the construction of the Nord Stream 2 gas pipeline from Russia, despite attempts by the United States to kill the project.

Merkel was visiting her constituency in northern Germany when she spoke about the sanctions Washington has imposed on entities associated with the Baltic Sea pipeline which, once completed, will deliver natural gas to Germany and the broader European market.


"We do not consider these extraterritorial sanctions, that is those that go beyond the territory of the United States, to be legal," Merkel said in Stralsund.


Nord Stream 2 has an important role in the state of Mecklenburg-Vorpommern, which is home to Merkel's constituency.


For instance, the pipes needed in the project's current construction are being shipped from the small port of Sassnitz. And once finished, the Russian gas is eventually expected to arrive in the coastal town of Lubmin.


The U.S. says the pipeline will increase the European Union's dependence on Russia for the commodity, giving Moscow greater political leverage on the continent and a tool to potentially cut off energy supplies.


Critics accuse the U.S. of trying to force its ally Germany to buy natural gas from the U.S. at a higher price than from Russia.


The U.S. began imposing sanctions on the Nord Stream 2 project last year that directly targeted the construction of the underwater pipeline.


Last month, three Republican senators wrote a letter to the port operator in Sassnitz that warned it could be subject to "crushing" sanctions for providing goods, services and support for the pipeline. These so-called secondary sanctions could mean economic ruin for the port.

Daily (20.10.2020): Colder weather and stronger LNG prices supported front-month British gas prices at the beginning of the new week

20/10/2020 09:47:00

Crude oil futures continued to slip on Monday as the OPEC+ panel has made no new policy proposals from January 2021. Moreover, a resurgence of the coronavirus in Europe and the U.S. threatened to hinder a recovery in demand. Consequently, Brent crude slipped by 31 cents, or 0.7%, to settle at $42.62 a barrel. U.S. WTI crude ended rather flat at $40.83 a barrel.


French nuclear hits 41 GW, up 12 GW over past month

20/10/2020 09:25:00

French nuclear generation ramped up to 41 GW on Oct. 19 as more reactors returned to service after maintenance, lifting average output by 12 GW over the past four weeks, system data showed.


UK government extends price cap on energy bills to end of 2021

20/10/2020 09:19:00

The cap was introduced in January 2019 to put a lid on standard variable tariffs, the basic rate that energy suppliers charge if a customer does not opt for a specific fixed-term deal. It had been due to expire at the end of this year