After gas supplies through Nord Stream 1 stopped on Monday, European leaders plan for a future without Russian energy
The European economic powerhouse has been left most exposed by the sudden lack of Russian gas after the closure of Nord Stream 1, which runs from Vyborg, north-west of St Petersburg, under the sea to Germany’s Baltic coast.
The German economy minister, Robert Habeck, says the Kremlin is using gas “as a weapon” and admits his country had made a “grave political mistake” in becoming too dependent on Russian supplies. Germany imported 59.2bn cubic meters of gas through Nord Stream 1 in 2021 and had hoped to double that via a new sister pipeline, Nord Stream 2, butGermany has hastily tried to wean itself off Russian gas to distance itself from Putin since the war.
Investors are at their most pessimistic over the German economy since the throes of the eurozone debt crisis in 2011, amid fears it could slump into recession.but staying warm this winter remains high on the agenda in a country with the oldest population in Europe. Russian gas imports accounted for 18% of consumption before the war in Ukraine and are largely piped via the Trans Austria gas pipeline.
Power group Eni said this week that Gazprom would cut supplies to Italy by a third, on top of cuts of 60% since war broke out. Confindustria, the association representing Italian industries, has said a complete halt could see its GDP drop by 2%. Rising bond yields indicate markets are increasingly concerned over the country’s abilities to repay its huge debts.
Italy’s gas storage sites are now about 60% full and plans have been floated to ask consumers to turn down their heating this winter and spend less time showering.SPP, the main Slovak gas importer, receives most of its gas from Russia and even Zelenskiy acknowledges the Slovaks cannot immediately cut off that source. SSP has managed to ramp up liquefied natural gas imports from Norway and other nations until the end of the year.
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