Further delay of Nordstream 2, substantially raising gas price

[jeba 4,363]

The German energy regulator suspended certification of Nordstream 2, pushing up gas prices by double digits. https://seekingalpha.com/news/3771353-german-regulator-suspends-certification-of-nord-stream-2-pipeline

 

If I wasn´t committed to being civil I´d say: well done, idiots. I hope you´re proud of yourself.

[French bean 3,463]

Ever thought it might be tied up in politics? Belarus threatens to close of the pipeline running through its country, Putin backs them and stays quiet about the clashes on the Polish border. Maybe someone is reminding the Russians that in a global economy they can still be hurt.

[mako1 864]

It is super important to give into blackmail immediately or they might stop blackmailing. Will these people (n)ever learn?

Or perhaps the Russkies could follow the German rules and set up a German corporation instead of trying to use Switzerland to hide profits.

[jeba 4,363]

What annoys me is that the regulator comes up with this now only. Surely, they knew the legal requirements for certification from day one.  Had they told Gazprom earlier that they would insist on transferring ownership to a German corporation, this wouldn´t have caused a delay, as the required body would be in place by now.

[El Jeffo 42,134]

Good to know that you can read minds and know exactly what the situation is.

 

Just because we're hearing about it for the first time doesn't mean that Gazprom didn't know about it.

[AlexTr 19,735]

Another pipeline investment tanking on you again?

 

Once bitten, twice shy.

[jeba 4,363]

55 minutes ago, El Jeffo said:

Just because we're hearing about it for the first time doesn't mean that Gazprom didn't know about it.

The regulator waived this requirement for Nordstream 1. So, there is good reason to assume Gazprom didn't think it necessary to commission a German corporation because otherwise they would have done it in time.

[jeba 4,363]

23 minutes ago, AlexTr said:

Another pipeline investment tanking on you again?

No, it hardly affected the stock prize. Nordstream 2 doesn't move the needle that much for Gazprom.

[MikeMelga 7,312]

Best news this past months. This pipeline is a geopolitical blunder.

[jeba 4,363]

7 hours ago, MikeMelga said:

Best news this past months. This pipeline is a geopolitical blunder.

Sure, because it´s much better to give Belarus and Ukraine control over Germany´s gas supply. Is the no sarcasm emoji?

[MikeMelga 7,312]

7 hours ago, jeba said:

Sure, because it´s much better to give Belarus and Ukraine control over Germany´s gas supply. Is the no sarcasm emoji?

No, because if you remove the pipeline from Ukraine, it will eventually collapse in Putin's hands.

Same as with other countries that benefit from it.

[Rushrush 295]

Something odd I find about this whole thing is that according to Javier Blas and others I follow on Twitter Europe is in the midst of a massive energy crisis. To Quote

 

EUROPEAN ENERGY CRISIS: Wow, wow, wow... I'm running out of words to describe the European short-term electricity market. Multiple records breached for Monday. With the exception of Poland and Scandinavia, all Europe is above €300 per MWh (France and Switzerland near €400)

 

Energy prices are not up just a bit but 100s of percent, 700% I think yet it doesn't seem to be reflected in end user prices. I did get a letter asking if I wanted to increase my heating bill a bit but still very very reasonable. if end user prices were to increase 5 fold overnight you should be seeing massive protests in the streets, yet nothing. so what am I missing? I have seen some complaints about other countries, in Belgium and Spain household electricity costs have doubled. So are we all in for a massive shock when we get our NK at the end of next year?

 

 

[MikeMelga 7,312]

In Portugal many small electricity resellers went bust since the summer.

This will be complicated as in many countries the electricity prices are regulated, meaning if the state doesn't allow a price increase, companies will go bust, or then the state has to pump public money to keep them afloat, which I think it's the most likely outcome.

[Rushrush 295]

. . Seems that gas prices have hit record highs again to quote from another twitter user

 

I find it profoundly weird that no one it talking about the looming energy crisis in Europe. It is the biggest risk as we go into 2022, And it is actually weird saying "risk". Prices have gone up by a factor of 4 or 5. It's a reality. This is of the magnitude of the oil shocks in the 1970s. At some point the European economy is just going to stop as governments fight to secure supplies for retail customers. It's not Mr Putin's fault. As much as Gazprom is making hay and Russia is playing politics with Nordstream (2), the supply is there, as it has always been. 

 

I don't now how energy prices are set for retail in other markets, but in the UK, prices are capped to protect consumers. This means the burden is being felt by suppliers And suppliers are going bust. Until Bulb went bust in November, suppliers absorbed the new customers, mostly because it was small fry, but we're now at the limit. The govt bailed Bulb's 1.7mn customers, 

 

and this seems to be the missing piece

 

And I presume that because people aren't on the street protesting elsewhere, retail prices are capped in other countries, which means energy companies elsewhere are loss making 

 

What does it take for this to become a crisis where people don't get supplied? A big company going bust, I presume. One which has customers across borders like EON or EDF And it is only a matter of time. Prices keep rising. Someone, or everyone, is still on the wrong side of the trade. Disaster is coming. Omicron is but a distraction

 

 

Link Here

[jeba 4,363]

7 hours ago, Rushrush said:

The govt bailed Bulb's 1.7mn customers, 

 

and this seems to be the missing piece

Probably not only this. If what I´m reading in a US-forum on Gazprom is correct, Germany is already paying industry to shut down energy intensive production. Adding to the problem is that by the end of the year 4 Gigawatt of nuclear generation capacity will be taken off the grid. European gas prices are currently more than 10 times those in the US ( ~$46/mmbtu, versus US gas prices of ~$4/mmbtu ), while coal-fired power plants are being ramped up. But why would the followers of the Green religion care?

 

Merkel deserves a few million extra years in purgatory for the "Energiewende" she allowed to happen against better knowledge. Her giving in to public opinion following Fukushima was a drastic failure to provide leadership.

 

To cite a great German poet: Denk ich an Deutschland in der Nacht, so bin ich um den Schlaf gebracht (When I think of Germany at night, I am deprived of sleep).

 

[slammer 888]

I wonder what will happen as soon as the people realize that the current situation is only the glint off the top of the iceberg.

There are two ways to generate power, cheap and abundant but polluting, or expensive and scarce, also polluting but not so much.

If the course is set for a world wide "Energiewende" then energy will only be available for the rich.

[Rushrush 295]

My impression is that this doesn't seem to be getting much traction in the German media, is that correct or am I missing something (i.e. consuming only or mostly English media)?

[yourkeau 7,721]

On 11/19/2021, 5:11:02, jeba said:

Sure, because it´s much better to give Belarus and Ukraine control over Germany´s gas supply. Is the no sarcasm emoji?

You betrayed Ukraine for cheap gas, you got Putin fucking your arse, and expensive gas. No remorse, you deserve that.

 

Merry Christmas and happy heating bills, Germany

[mtbiking 1,894]

On 22/12/2021, 08:08:13, slammer said:

I wonder what will happen as soon as the people realize that the current situation is only the glint off the top of the iceberg.

There are two ways to generate power, cheap and abundant but polluting, or expensive and scarce, also polluting but not so much.

If the course is set for a world wide "Energiewende" then energy will only be available for the rich.

If the energy price doubles in Germany I’ll be paying €200/ month for a 4 person detached home instead of €100. I’d hope most people can accommodate this kind of prices if that’s indeed the case, for the others there’s Wohngeld. Let’s not forget that in return we won’t fuck up the planet so much any more, that’s a good Rendite. 
 

besides, as with everything, prices will go down with massification of use and R&D.

[jeba 4,363]

13 minutes ago, mtbiking said:

If the energy price doubles in Germany I’ll be paying €200/ month for a 4 person detached home instead of €100.

These numbers can't be correct. That's already the average cost of electricity, without heating.