Gas prices jump as Germany stays Nord Stream 2 pipeline approval

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Germany's energy regulator suspends the approval process for Nord Stream 2, throwing up a new roadblock to the project

The 1,200-km-long pipeline will be able to ship around 55 billion cubic metres of gas annually from Russia to Europe.

The regulator said 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. Critics have in recent weeks accused Moscow of intentionally limiting gas supplies to Europe and driving up prices in an effort to hasten the launch of Nord Stream 2, a claim Russia denies.The $12 billion project has for years been dogged by delays and drawn fierce criticism from Germany's eastern European Union allies like Poland and the United States.

But opponents say the recently completed pipeline will increase Europe's energy dependence on Russia, which already provides a third of Europe's gas.

 

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