Europe Must Prepare For Energy Rationing And Blackouts
Despite faster-than-usual filling rates for gas storage across Europe, the continent is currently bracing for the possibility of blackouts as Gazprom officially halts the flow of gas via the Nord Stream 1 pipeline.
Citing technical challenges in the form of too few compressor turbines, the Russian state energy giant said it would stop gas flows via Nord Stream 1 for three days, beginning August 31. In Europe, there are growing fears that Gazprom won’t restart the flow in three days as promised.
The same fear gripped European capitals last month when Gazprom halted gas supply via Nord Stream 1 for regularly scheduled maintenance. The fears did not materialize but Gazprom did reduce flows after the maintenance was over, citing the same technical challenges.
If this time the fears turn out to be well founded, full inventories may not be enough to meet demand. This, in turn, would mean electricity, heating, and gas rationing, Bloomberg reported today, noting the situation was particularly critical in Germany.
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