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Gas prices soar as Germany halts Nord Stream 2 approval

European gas prices jumped about 10% on the announcement

GERMANY’S ENERGY REGULATOR suspended the approval process for Russia’s Nord Stream 2 gas pipeline today, dealing another setback to the geopolitically sensitive project and causing Europe’s sky-high gas prices to soar further.

The regulator said the Swiss-based “Nord Stream 2 AG” operating company first needed to become compliant with German law before it could be certified, potentially delaying the project’s start date.

Benchmark European gas prices jumped around 10 percent higher on the announcement, adding to jitters on a continent already facing soaring energy bills — with winter fast approaching.

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.

US, EU criticism 

Russia’s state-owned gas giant Gazprom holds a majority stake in Nord Stream 2. Germany’s Uniper and Wintershall, France’s Engie, the Anglo-Dutch firm Shell and Austria’s OMV are also involved.

The 10-billion-euro project ($12 billion) has for years been dogged by delays and drawn fierce criticism from Germany’s eastern European Union allies like Poland and from the United States.

The Baltic Sea pipeline is set to double supplies of cheap natural gas from Russia to Germany, which the EU’s top economy says is needed to help it transition away from coal and nuclear energy.

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

Crucially, the pipeline also bypasses Ukraine’s gas infrastructure, depriving that country of much-needed transit fees.

Washington has called the project a “bad deal for Europe”.

Ukraine — in conflict with Russia since Moscow’s 2014 annexation of Crimea — has warned that the pipeline could be used by Moscow as a “dangerous geopolitical weapon”.

Nevertheless, the US earlier this year waived sanctions on the project imposed by former President Donald Trump, as the Biden administration looked to shore up transatlantic relations.

Delay welcomed

The pipeline was finally completed in September but is waiting for the approval process to be completed before it can go online.

Like its Nord Stream 1 predecessor, the 1,200-kilometre (745-mile) pipeline will be able to ship around 55 billion cubic metres of gas annually from Russia to Europe, with Germany as the main transit hub.

Germany’s energy regulator said the certification procedure “will remain suspended until the main assets and human resources” have been transferred from the Nord Stream 2 parent company to a new German subsidiary that will own and operate the German part of the pipeline.

Germany’s energy regulator has four months to give its green light for Nord Stream 2. Before the suspension, the review was scheduled to last until early January.

After that, the European Commission still needs to give its recommendation.

Today’s suspension will likely slow down the process. Should the operator start using the pipeline without awaiting certification, it risks being fined.

Germany’s economy ministry said the suspension was “purely regulatory” and that “if the requirements are met, the (regulator) can continue its review within the remaining four-month period”.

Nord Stream 2 AG said it was setting up the German subsidiary “to ensure compliance with applicable rules and regulations”.

“We are not in the position to comment on details of the procedure, its possible duration and impacts on the timing of the start of the pipeline operations,” it added.

The halt was welcomed by Germany’s Green party, which opposes Nord Stream 2 and is in the final stages of forming a coalition government with the Social Democrats and the liberal FDP party.

Greens MP Oliver Krischer said Gazprom kept giving the impression “of not taking German and European law seriously”.

The suspension will “significantly delay the launch of the pipeline, which is therefore unlikely to play a role this winter,” he told Germany’s Rheinische Post newspaper.

The NGO Environmental Action Germany (DUH) also applauded the hold-up.

It urged Germany’s incoming government to cancel “Europe’s biggest fossil fuel project” altogether.

© – AFP, 2021

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    Mute GRONG
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    Jul 23rd 2017, 3:35 PM

    Why not just reduce the men’s pay down ? They all get paid way too much anyway

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    Mute 50 Pence
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    Jul 23rd 2017, 3:45 PM

    @GRONG: Chris Evans could surely do with a lower salary, but Graham Norton is worth every penny.

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    Mute Tweety McTweeter
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    Jul 23rd 2017, 3:47 PM

    @GRONG:
    The BBC are competing for talent on an open market. If they reduce the likes of Graham Nortons salary, he may go looking elsewhere for better terms

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    Mute Paul Fahey
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    Jul 23rd 2017, 3:51 PM

    @Tweety McTweeter: let him go elsewhere, in reality he would have to leave Britain to earn more.

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    Mute Derek Goulding
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    Jul 23rd 2017, 4:06 PM

    Gary Lineker gets nearly 2 million for a show that is presenter-proof. Ratings would be unchanged if Dan Walker or Gabby Logan presented. It’s strange how it can be justified.

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    Mute Daragh Cassidy
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    Jul 23rd 2017, 4:56 PM

    @Derek Goulding: people forget that he also presents the most popular radio show in Britain. His breakfast show on Radio 2 attracts millions of listeners. Not saying he deserves his huge pay. But he presents more than just MOTD.

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    Mute 50 Pence
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    Jul 23rd 2017, 3:42 PM

    I wonder what their wages are compared to their viewship numbers. Are they advocating for equal pay despite being less popular or profitable? Also, you’ll never see feminists push for equal pay in modeling, fashion jobs, pornography, or any job which women are paid vastly more than men. Also, you’ll never see feminists push for gender quotas in dangerous jobs. 99% of workplace fatalities are men, and that’s the way feminists like it.

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    Mute gjpb
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    Jul 23rd 2017, 4:06 PM

    @50 Pence: isn’t Oprah one of the highest paid TV stars in the world. Why don’t feminists complain at her pay being so much more than many male equivalents

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    Mute Jeanniejampots
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    Jul 23rd 2017, 4:14 PM

    @gjpb: because she owns the production company so paid herself?

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    Mute Paul Fahey
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    Jul 23rd 2017, 4:29 PM

    @gjpb: not a public service broadcaster either, paid for by a government enforced payment.

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    Mute gjpb
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    Jul 23rd 2017, 4:32 PM

    @Paul Fahey: so it would be OK in a commercial TV company?

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    Mute Ger Murphy
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    Jul 23rd 2017, 3:42 PM

    The wages has to do with ratings. It just happens that the most successful BBC presenters are men. Pull up your socks and stop moaning ladies

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    Mute Dave O Keeffe
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    Jul 23rd 2017, 3:43 PM

    @Ger Murphy: male and female co-hosts on the same show are paid vastly different amounts

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    Mute Paul Fahey
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    Jul 23rd 2017, 3:52 PM

    @Ger Murphy: Chris Evans? It is nothing to do with ratings, but he you can detail how a female newsreader in the same news bulletin can be paid less then men, but prove it to be down to ratings then I am happy to be convinced.

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    Mute Ger Murphy
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    Jul 23rd 2017, 3:58 PM

    @Paul Fahey: and how many years is Evans there? Years
    .. Not that I like the guy he’s an absolute plum

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    Mute gjpb
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    Jul 23rd 2017, 4:08 PM

    @Dave O Keeffe: the male in the cases that were highlighted in the guardian was doing the show for a longer period as well as doing additional shows that the female was not doing

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    Mute Fergus Sheahan
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    Jul 23rd 2017, 4:21 PM

    @Paul Fahey: Chris Evans has a breakfast show on Radio 2 with 8 million listeners but i suppose if you don’t like him they should reduce his wages

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    Mute Jonathan Gaffey
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    Jul 23rd 2017, 5:08 PM

    @Dave O Keeffe: not true

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    Mute No one
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    Jul 23rd 2017, 3:53 PM

    If they think they are being underpaid why don’t they leave and get a pay raise elsewhere?

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    Mute John003
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    Jul 23rd 2017, 3:58 PM

    Do RTE have similiar plans to publish full list of their presenters salaries…..Do they have same gender gap in pay as the BBC….

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    Mute Fred Jensen
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    Jul 23rd 2017, 4:17 PM

    This sort of stuff makes me sick. It’s cultural marxism. Good example is Emily Maitlis, i’m sorry but she does NOT do the same job as Evan Davis. Davis is the anchor Newsnight host, does it 3 nights a week during the three nights with the highest viewership and often when the most complex political stories are breaking. Maitlis anchors it one or two times a week, often on a Friday night when no-one is watching and she does some reporting for the show. There is no way in heck they are doing the same work, yet she is hopping on the gender bandwagon and likely to get a big pay rise. Sickening.

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    Mute Paul Fahey
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    Jul 23rd 2017, 4:30 PM

    @Fred Jensen: and there was you last year arguing that a Brexit vote would effect workers rights and equality.

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    Mute Dave O Keeffe
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    Jul 23rd 2017, 7:08 PM

    @Fred Jensen: I didn’t realise complex political stories broke on the same days every week

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    Mute Fred Jensen
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    Jul 23rd 2017, 8:16 PM

    @Dave O Keeffe:

    Then you don’t know much about politics, politicians have the weekend off too usually.

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    Mute Free comment ratings
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    Jul 23rd 2017, 4:22 PM

    There is a lady in work getting paid more than me yet we do the same job. But to be fair she is selling more..

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    Mute Kris Kendellen
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    Jul 23rd 2017, 5:38 PM

    More pay gap nonsense. People just eat this up without looking at sources themselves. If you are paid less in violation of the legislation in place it would be simple, sue them. But they’re not, they are paid according to their original negotiations, ratings, work load, length of service etc. If there was a gap because you are a woman it would be illegal. Any gap there is, is because the market doesn’t value you the same – and that market contains 53% women btw. I was told on here by a feminist to shut up whinging, let me direct that back at you now, shut up whinging and do better at your job. Stop looking for more money for doing less and being of less value to the market.

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    Mute Jonny
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    Jul 23rd 2017, 4:22 PM

    They should stop moaning & be grateful for the high salaries they already are earning.

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    Mute Emmet Dillane
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    Jul 23rd 2017, 5:21 PM

    Must be galling for feminists to have to admit that despite the inroads made through gender quota initiatives men in media are held in much higher esteem by the public right across Western civilization.

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    Mute Adrian
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    Jul 23rd 2017, 6:10 PM

    What people get paid is a lot more complex than their gender. It seems the women are just using this gender thing as an excuse to up their wages. The market for hiring male presenters seems a lot more competitive for the male presenters, thus the higher wages. Its nothing to do with gender inequality. Its the market.

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    Mute Eoin Mulhern
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    Jul 23rd 2017, 4:21 PM

    Not this again. If there was such a thing as “pay gap” then why don’t company’s get women instead of men as they would save more money. It because it is a bunch of nonsense.

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    Mute John Mc Grath
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    Jul 23rd 2017, 5:58 PM

    Give us money because we are women, that’s what all this nonsense is turning into. How about show viewership/listenership figures, how about show hours worked. This is just more of the pay gap lie which is an earnings gap. They never compare like with like , they never show hours worked, type of jobs worked. Its just play school economics where they take all male earnings v female earnings and compare only that. If you want the true representation of whats going on the show the ” Gender Performance gap”.

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    Mute John Dillon
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    Jul 23rd 2017, 5:20 PM

    This would not happen in Ireland as Dee Forbes DG of Telly Eireann looking for a huge licence fee increase for the cosy quango and all the so called RTE stars only release their salaries nearly on foot of a high court order.All journalists are paid far too much a bit like CEOs in the goverment friendly charity sector. Openess and transparency for every institution that gets public money but not RTE as they know they are a Goverment propoganda machine.

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    Mute TehJurolan
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    Jul 23rd 2017, 9:33 PM

    Ah yes, but how much do gay people get paid in comparison to straight people, that’s the real question of our times.

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    Mute Joseph Dempsey
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    Jul 23rd 2017, 4:14 PM

    It’s beyond absurd to suggest there is any gender gap in pay at the BBC, Fiona Gormless Bruce has little to complain about not the ghastly Claudia winkerman. It’s all about talent and negotiations and it would seem a damned good agent, this said is it being seriously suggested all women at the BBC are paid the same as Fiona Bruce? If so it would be bankrupted. As for the Male’s, again it’s Talent, Ratings and negotiations, Chris Evans is a multi millionaire and was so long before his stint at the BBC. The only surprise has to be Jeremy Vine, WTF is going on there, must be the prouncing around the Election night virtual reality set I guess

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    Mute carodeer
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    Jul 23rd 2017, 6:19 PM

    Disappointing comments for the most part on this. I am so sick and tired of men dominating radio and television. Really galling that the few women who are in the BBC are being paid substantially less than the men. It is illegal to discriminate on gender. Men are not better broadcasters than women they just get more chances. Are you on the side of fairness or the old white man elite ?

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    Mute gjpb
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    Jul 23rd 2017, 6:57 PM

    @carodeer: what rubbish.look at the amount of female presenters on TV.

    No doubt you now want quotas on TV too

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    Mute Kris Kendellen
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    Jul 23rd 2017, 7:12 PM

    @carodeer: Fairness. Which is why i disagree with you. You may be sick of the male presenters but that’s your opinion. Some men are paid more because they are more popular. It is illegal to discriminate on gender so obviously you agree this must not be the reason for the pay difference. It may be because they are not worth that level of pay, or don’t do the extra shows and research required. Just maybe its not because women are victims again. Maybe its because they are not as good.

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    Mute Jonny
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    Jul 23rd 2017, 7:39 PM

    @carodeer: The above list of highly paid women amounts than more than a few.

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    Mute Milton Ryan
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    Jul 23rd 2017, 7:51 PM

    Let’s look at this absurd idea of a gender pay gap:

    We live in a capitalist society. The main goal of the majority companies is to make profits.

    Let’s assume men and women do exactly the same job across the board. Now let’s assume the women get paid 25% less than the men.

    What should the business do?

    Simple answer: Hire all women and no men.

    QED…And I didn’t need an econometric model, just common sense.

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    Mute Milton Ryan
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    Jul 23rd 2017, 7:23 PM

    Claire Balding??? Christ, under no circumstances should she be equally high paid…

    The problem here is determining what equal work means. Let’s say a man presents for 3 hours at the BBC and a woman presents for 3 hours…Should they get paid the same?

    Well no. Not if the man is Graham Norton and the woman is Claire Balding…

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    Mute TheJournalAsGaeilge
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    Jul 23rd 2017, 4:45 PM

    Tá sé bréige. Níl sé fíor ar fad! NUACHT BRÉIGE!

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    Mute TehJurolan
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    Jul 23rd 2017, 9:27 PM

    The best way to solve this would be to only employ men.

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    Mute Neville Bartos
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    Jul 23rd 2017, 11:08 PM

    @TehJurolan: or they get Chris Evans to declare his gender as non-binary

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    Mute TehJurolan
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    Jul 23rd 2017, 9:41 PM

    What I want to know is why the hell are there not more black people and Muslims and Chinese in top positions in our Northern European Christian country, it’s a disgrace, is what it is. It was bad enough when it was discovered that there were hardly any black people and Chinese people and Muslims to be found in the country at all(thank God we’ve been rectifying that disgusting situation) but NOW THIS – UNBELIEVABLE!!

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    Mute Alois Irlmaier
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    Jul 25th 2017, 3:35 AM

    Explains a female actress taking over Dr. Who role?

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    Mute Jo Breen
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    Jul 23rd 2017, 5:02 PM

    Can the Journal release a breakdown of their payments for their employees?

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