Germany

Russia’s Gazprom PJSC said Monday that it would again reduce flows on the Nord Stream 1 (NS1) pipeline to take another turbine out of service for repairs, further cutting deliveries to Europe where prices soared on the decision.  The company said deliveries on the 745-mile, 6 Bcf/d link between Russia and Germany would be cut…

The German government has agreed to take a 30% stake in Uniper SE with a capital infusion to bailout the giant utility, which has suffered from natural gas supply cuts and soaring prices. Uniper’s CEO Klaus-Dieter Maubach said the deal would preserve the company’s “system-critical” role for Germany’s energy supply. The country is the largest…

European countries are preparing for Gazprom PJSC’s next move as a 10-day maintenance period on the Nord Stream 1 (NS1) natural gas pipeline is scheduled to end July 21.  Whether the pipeline returns to full capacity, reduced capacity or in a worst case scenario, no deliveries at all, has left Europe readying for the worst.…

European demand for natural gas prevailed in a weekend decision to let pipeline machinery bypass Canadian trade sanctions against Russia for invading Ukraine. Canada’s Natural Resources Minister Jonathan Wilkinson described the move as “supporting Europe’s ability to access reliable and affordable energy as they transition away from Russian oil and gas.” The decision allows a…

Germany’s Uniper SE, the country’s largest utility and biggest importer of Russian natural gas, has asked for a government bailout after Gazprom PJSC reduced supplies from the Nord Stream 1 pipeline last month by 60%.   Uniper filed a formal application under Germany’s Energy Security Act (EnSiG) asking the government to take a stake in the…

The Group of Seven (G7) nations on Monday pursued new sanctions, notably including a potential price cap on Russian oil, in an effort to cripple the Kremlin’s vital energy complex and hamstring its ability to finance the war in Ukraine. The United States, as part of the three-day G7 gathering that started Sunday, also vowed…

After slightly cooling on an apparent price correction, European energy markets started the week with another leap upward as the European Union (EU) formalized its winter natural gas storage plan. The EU countries officially ratified a plan Monday to reach 80% of natural gas storage capacity available among the 27-country bloc by the winter heating…

Russian pipe gas flows to Europe fell again and will likely remain heavily curtailed over the coming weeks. This was a key driver behind price rises at the ICIS TTF which in turn lifted the ICIS East Asia Index (EAX) back to prices last seen in March.

Germany, The Netherlands, Germany and the UK have each reversed decisions to decrease oil and natural gas development in the wake of Russia’s war on Ukraine, supporting the need to reduce dependence on fossil fuel imports. Russia’s Gazprom PJSC in late May said it planned to discontinue supplying the Netherlands with gas after Dutch wholesaler…