Nord Stream 2 gas pipeline approval hits barrier
Print Edition
GERMANY’S energy regulator has suspended the approval process for a major new pipeline bringing Russian gas into Europe, throwing up a new roadblock to the contentious project and driving up regional gas prices.
The watchdog said on Tuesday it had temporarily halted the certification process because the Swiss-based consortium behind Nord Stream 2 first needed to form a German subsidiary company under German law to secure an operating licence.
European prices jumped almost 11 percent on news of the hold-up, with the Dutch front-month contract hitting 90.40 euros/MWh in afternoon trade.
“This does push back expected timelines quite a bit,” said analyst Trevor Sikorski at Energy Aspects, adding that it was unclear how long the process of establishing a new company and reapplying for certification would take.
First flows through the pipeline look very unlikely in the first half of 2022, he added.
Nord Stream 2 has faced stiff opposition from the United States and some European states, which say it will make Europe too reliant on Russian gas. But other European governments say the link is vital to secure energy supplies, with gas prices surging in recent weeks and the threat of power outages looming this winter.
Nord Stream 2 said it had been notified by the regulator about the certification decision. “We are not in a position to comment on the details of the procedure, its possible duration and impacts on the timing of the start of the pipeline operations,” it added.
The Kremlin was not immediately available to comment.
“Any delays in the pipeline certification, all the more so on the eve of winter, is not in the interests of the European Union, that’s without any doubt,” Konstantin Kosachyov, deputy chairman of Russian parliament’s upper house, told TASS news agency.
The regulator, the Bundesnetzagentur, said it would only assess an application after a transfer of major assets and budgets for staffing to a German subsidiary. “A certification for the operation of Nord Stream 2 will only be considered once the operator is organized in a legal shape compliant with German law,” it said.
Once these preconditions had been met, it said it could continue assessing the submission in the rest of the four-month application period.
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