Pipes at the landfall facilities of the 'Nord Stream 1' gas pipeline are pictured in Lubmin, Germany, in this March 8 2022 file photo. Picture: REUTERS/HANNIBAL HANSCHKE
Lower gas flows sparked warnings this week that Germany could fall into recession if Russian supplies halted altogether. S&P Global’s flash purchasing managers’ index on Thursday showed the economy losing momentum in the second quarter. Under its phase 2 plan, Berlin will provide a credit line of €15bn to fill gas storage facilities and launch a gas auction model this summer to encourage industrial users to save gas.
A move to the next phase has been the subject of speculation since Gazprom cut flows via the Nord Stream 1 pipeline across the Baltic Sea to just 40% of capacity last week.
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