What Russia's Indefinite Nord Stream 1 Cut-Off Means for Europe’s Energy Crisis
MIN READSep 7, 2022 | 20:43 GMT
Facilities to receive and distribute natural gas are seen at a section of the Nord Stream 1 pipeline in Lubmin, northeastern Germany, on Aug. 30, 2022.
(ODD ANDERSEN/AFP via Getty Images)
Russia's interruption of natural gas flows via the Nord Stream 1 pipeline will force European governments to prioritize coordinated demand reduction efforts before the winter, as well as increase financial support for households and utilities. Russian President Vladimir Putin's spokesman Dmitry Peskov announced on Sept. 5 that natural gas supplies to Europe via the Nord Stream 1 pipeline will not resume in full until the "collective West" lifts sanctions against Russia over its invasion of Ukraine. European benchmark gas futures jumped in the immediate wake of the Sept. 5 announcement before dropping later that day, as traders weighed on higher gas stockpiles across Europe and EU plans to intervene to control price surges. On Sept. 9, European energy ministers will discuss proposals to curb power prices and coordinate their response to Russia's latest escalation at an emergency meeting, which will likely focus on price caps for electricity generated by non-gas...