Europe will need to issue natural gas vouchers to cover winter heating demand if the Nord Stream pipeline is not reopened after maintenance work ends, according to Bloomberg citing Ineos Group.
“The picture looks pretty bad for this winter in terms of whether we’re going to hit the targets we need for storage,” Brian Gilvary, executive chairman of Ineos Energy, said in an interview with Bloomberg. “If Nord Stream 1 does not return to operation, this will be inevitable. We will certainly see notices in Europe.”
Companies in Germany, Italy and France will seek to curtail natural gas use if Nord Stream remains shut, Gilvary said. The pipeline, which carries natural gas from Russia to Germany, was shut down for scheduled annual maintenance this week amid concerns that Moscow would keep it shut in retaliation for sanctions in the wake of Russia’s invasion of Ukraine.
Ineos, one of Europe’s biggest natural gas users, struck a deal last month to buy 1.4 million tonnes of liquefied natural gas (LNG) a year from US exporter Sempra for two decades.
Source: Capital
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