Germany triggers gas alarm stage, accuses Russia of ‘economic attack’

📆 6/24/2022 3:35 AM
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Berlin is preparing for a significant drop in imports and taking steps to stabilise supply, says energy provider E.ON

Pipes at the landfall facilities of the 'Nord Stream 1' gas pipeline are pictured in Lubmin, Germany, in this March 8 2022 file photo. Picture: REUTERS/HANNIBAL HANSCHKE

Lower gas flows sparked warnings this week that Germany could fall into recession if Russian supplies halted altogether. S&P Global’s flash purchasing managers’ index on Thursday showed the economy losing momentum in the second quarter. Under its phase 2 plan, Berlin will provide a credit line of €15bn to fill gas storage facilities and launch a gas auction model this summer to encourage industrial users to save gas.

A move to the next phase has been the subject of speculation since Gazprom cut flows via the Nord Stream 1 pipeline across the Baltic Sea to just 40% of capacity last week.

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Russian gas: Germany triggers gas alarm stage, accuses Russia of ‘economic attack’BERLIN, June 23 (Reuters) - Germany triggered the 'alarm stage' of its emergency gas plan on Thursday in response to falling Russian supplies but stopped short of allowing utilities to pass on soaring energy costs to customers in Europe's largest economy.
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