Energy company Uniper, Germany’s biggest gas importer, which has been hit hard by a sharp cut in gas flows from Russia, warned on Tuesday that the situation will worsen in the future amid concerns about Russian gas supplies to Europe in the fall and winter. CNBC, quoted by news.ro.
“I’ve said it several times this year, and I also teach policy makers. Look, the worst is yet to come. What we’re seeing in the wholesale market is 20 times what we saw two years ago — 20 times. That’s why I think we need a really open discussion where everyone takes responsibility for how to fix it,” Uniper CEO Klaus-Dieter Maubach told CNBC at Gastech 2022 in Milan.
Russia’s Gazprom group on Friday suspended gas supplies to Europe via a major pipeline indefinitely, sparking fears that some parts of Europe may be forced to ration energy during the winter.
Uniper, as the largest importer of German gas, has been hit hard by a significant reduction in pipeline supplies from Russia, which has driven up prices.
In July, the German government agreed to rescue Uniper as part of a 15 billion euro bailout deal for the company.
Maubach said Tuesday that some details still need to be worked out for that stabilization package.
Shutting off Russian gas complicates the situation at Uniper.
Russia’s suspension of supplies through Nord Stream 1 and the subsequent increase in European gas prices could worsen the situation for the company.
Frankfurt-listed Uniper shares have fallen more than 88% since the start of the year.
Gazprom’s announcement came shortly after the G7 world economies backed a plan to cap Russian oil prices.
Gazprom says it stopped the gas supply due to a technical problem
“Gazprom” stated that the termination of gas supply through the “Northern Stream-1” gas pipeline was caused by an oil leak in the turbine.
The Nord Stream 1 gas pipeline, which connects Russia to Germany across the Baltic Sea, was scheduled to reopen on Saturday after three days of repair work.
Since then, the Kremlin has blamed European lawmakers for cutting off gas supplies through Nord Stream 1, saying economic sanctions imposed by the West after Russia’s invasion of Ukraine have hampered repair work.
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Source: Hot News RU
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