Gas prices in Europe increased by 4.8 percent after the decision of the German authorities to stop the Certification Process of the Northern Flow-2, indicate the ICE Exchange data.
December futures rose from $ 1006 to $ 1065.
The suspension of the certification of the Russian gas pipeline is associated with legal changes. The Federal Network Agency clarified that it will continue to the procedure after Gazprom completes the creation of a subsidiary to the German part of the highway. The German regulator said that he had notified the European Commission in advance, German Ministry of Energy and all parties to suspend certification.
Construction of “Northern Flow-2” ended on September 10. The gas pipeline will be held from Russia to Germany on the bottom of the Baltic Sea. “Northern Stream-2” consists of two threads, the length of each – 1234 kilometers. The capacity of the gas pipeline is 55 billion cubic meters per year.