The vice-chancellor said it will affect industrial production and become a significant burden for many consumers. The crisis will affect industrial production and become a great burden for many consumers In the vice chancellor’s opinion, the country is in a gas crisis even though it’s not being felt yet. He underscored that Germany is resisting it, but it is facing a rocky path. Germany’s Vice-Chancellor and Minister for Economic Affairs and Climate Action, Robert Habeck, claimed the cut in gas supply was an economical attack of Russian President Vladimir Putin on his country.
Gazprom said it reduced deliveries because the equipment for the repair of the Nord Stream 1 gas pipeline was not shipped from Canada due to the sanctions against Russia. CNBC reported that it is declared when the market cannot overcome the issue. The third stage, the state of emergency, implies government measures, including a reduction in supplies. Habeck: Russia’s move is an economic attack on Germany Germany triggered the first early warning plan at the end of March when the Kremlin introduced payment in rubles as a condition to continue sending gas. However, the market can still handle it without the need to activate emergency measures. The alert level is declared when there are disruptions in gas supply or when demand is drastically increased. The price is currently hovering around EUR 130 per MWh. But European futures for the delivery of fossil fuels soared 50% since the beginning of the reduction. Market prices for natural gas didn’t drastically increase after Germany declared an alert today. Gas deliveries via Nord Stream 1 began to decline on June 14, and now the flow is 60% lower than planned. It means the issue is severe but that there is still enough gas to avoid rationing, which is possible in the third phase. Due to reduced supplies of Russian gas, Germany announced an alert, the second level of its emergency supply plan.
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