Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Germany must protect gas infrastructure after Nord Stream leaks, regulator says

Published 29/09/2022, 15:37
Updated 29/09/2022, 15:52
© Reuters. FILE PHOTO: Klaus Mueller, the president of Bundesnetzagentur poses for a portrait at Germany's Federal Network Agency for Electricity, Gas, Telecommunications, Post and Railway in Bonn, Germany July 11, 2022. REUTERS/Wolfgang Rattay/File Photo

© Reuters. FILE PHOTO: Klaus Mueller, the president of Bundesnetzagentur poses for a portrait at Germany's Federal Network Agency for Electricity, Gas, Telecommunications, Post and Railway in Bonn, Germany July 11, 2022. REUTERS/Wolfgang Rattay/File Photo

By Erol Dogrudogan

BONN, Germany (Reuters) - Germany must move to protect its gas infrastructure in light of the incidents that caused the Russian Nord Stream gas pipelines to leak into the sea, the head of Germany's network regulator told Reuters on Thursday.

Speaking in an interview on the day that Germany unveiled new relief measures worth 200 billion euros to fight soaring gas prices, Klaus Mueller also urged Germans to cut consumption, which jumped 14% during a cold snap last week.

Europe is scrambling to investigate suspected sabotage that caused pipelines carrying Russian gas to leak into the Baltic Sea. It remains unclear who might be behind any planned attack. Neither pipeline was operating at the time.

"Gas has not flowed to Germany or Europe via either of the two pipelines. This means that this event has had no impact on the supply situation," Mueller said.

"But now, of course, precautions are called for. There are definitely pipelines that are important to us. There are liquefied gas plants, a gas energy infrastructure and it has to be well protected. And I'm in favour of paying the price of security now rather than when it's too late."

Germany had experienced sustained hot weather in the summer, but a cold snap in September means people need to make decisions on how much they want to heat their homes, Mueller said. He wants overall consumption to fall by 20%.

© Reuters. FILE PHOTO: Klaus Mueller, the president of Bundesnetzagentur poses for a portrait at Germany's Federal Network Agency for Electricity, Gas, Telecommunications, Post and Railway in Bonn, Germany July 11, 2022. REUTERS/Wolfgang Rattay/File Photo

"Every morning every family, every household has to again discuss how to save on gas costs," he said. "In order to show solidarity with industry, private consumption must also fall."Europe's biggest economy is trying to cope with surging gas and electricity costs caused largely by a collapse in Russian gas supplies to Europe, which Moscow has blamed on Western sanctions following its invasion of Ukraine in February.

Finance Minister Christian Lindner, while outlining Thursday's relief measures, said Germany was in an "energy war".

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.