The German Economy Minister warned that the energy market may face a "Lehman-like effect". On June 24, foreign media reported that the German government is considering transforming part of the NordStream 2 natural gas pipeline and connecting it to the Baltic Sea LNG terminal.

2024/04/1912:03:34 international 1359

German Economy Minister warned that the energy market may face a "Lehman effect". On June 24, foreign media reported that the German government was considering transforming part of the NordStream natural gas pipeline and connecting it to the Baltic Sea liquefied natural gas terminal.

German "Der Spiegel" reported on Friday local time that the German Ministry of Economy is considering expropriating part of the "Nord Stream 2" pipeline in Germany and cutting off its connection with other oil pipelines .

The report also said that Germany is considering redeploying the part located within Germany to transport natural gas to southern Germany. It is reported that officials from the German Ministry of Economic Affairs have met with representatives of the "Beixi 2" holding company to discuss the matter. The report pointed out that although this is technically feasible, it may cause damage to the environment.

Russia responded that if Germany takes such measures, it will be managed by lawyers.

At the end of last year, Russian natural gas giant Gazprom completed the construction of the "Nord Stream 2" pipeline, which is designed to double the flow of Russian natural gas directly to Germany, but it has not yet been put into use. German Chancellor Scholz announced that the approval process for the project will be permanently suspended until the Russian-Ukrainian conflict is over.

Natural gas flows from Russia to the EU have been falling for weeks, while Germany is aware of the risk of economic damage from energy shortages and is trying to urgently buy enough LNG on the global spot market to meet winter needs.

Last week, Gazprom cut the flow of natural gas to Germany via the Nord Stream 1 pipeline by 60%. In addition, the "Nord Stream 1" natural gas pipeline will undergo maintenance from July 11 to July 21 this year, during which the supply of natural gas may be interrupted.

Germany has warned that Russia's move to cut European gas supplies could trigger an energy market collapse similar to Lehman Brothers (Lehman Brothers) played a role in triggering the financial crisis.

Economy Minister Robert Habeck (Robert Habeck) said on Thursday that local utilities and their customers, including consumers and businesses, may also suffer price shocks as energy suppliers are forced to pay high prices to buy scarce natural gas. Germany previously announced the launch of an "alert-level" emergency plan for natural gas.

Habeck said at a press conference in Berlin :

" If the scale of this supply cut is too large for them to bear, then the entire market is in danger of collapsing at some point, which will have a negative impact on the energy system. Producing a Lehman-like effect."

Well-known energy research organization WoodMackenzie said that if Russia completely stops the supply of natural gas from "Nord Stream 1", Europe will face the risk of depleting natural gas stocks during the winter demand peak.

It is worth noting that Gazprom President Miller proposed last week that there is currently no good way to solve the dilemma of natural gas shortage in Europe, but the " Nord Stream 2" natural gas pipeline can be put into use at any time.

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