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Putin: Nord Stream 2 could help reduce electricity prices in Europe | Oil and Gas Issues

The $ 11bn Nord Stream 2 pipeline is currently awaiting approval by Germany and the European Union.

Russian President Vladimir Putin said Wednesday that a new pipeline to Germany has been filled with gas, saying it could help reduce energy prices in Europe.

The $ 11bn Nord Stream 2 pipeline is awaiting approval from Germany and the European Union, with officials warning that elections will not be held in the first half of 2022.

The first of its two ports was filled with gas in October, and the Russian state-owned company Gazprom announced Wednesday that it had completed the second filling to be ready for operation.

Putin also spoke of rising electricity prices in Europe, adding that Nord Stream 2 could contribute to market stability.

“This new approach will really help stabilize prices in European markets,” Putin said at a meeting with energy officials. “It would definitely affect prices in the market, and consumers in countries that use Russian air feel instantly.”

The new 1,234-kilometer (765-mile) pipeline, with an annual capacity of 55 billion cubic meters (1.9 trillion cubic feet), could double the amount of gas pumped by Gazprom directly into Germany, and add a parallel pipeline under the Baltic. The sea is around the links available through Poland and Ukraine.

Opponents of Nord Stream 2 in the US, Ukraine and Poland warn that this will increase Russia’s influence in Europe, disrupt EU member states, and hamper Ukraine’s travel budget. Washington is determined to target Nord Stream 2 to deal with any Russian military crisis against Ukraine.

Moscow has denied allegations by Westerners that it is planning to attack Ukraine. It emphasized that Nord Stream 2 was the only commercial venture that could help ensure a long-term reliability and help save billions on payments to Poland and Ukraine.

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