Germany suspends approval for Nord Stream 2 gas pipeline

Germany suspends approval for Nord Stream 2 gas pipeline

Germany has suspended its approval process for the controversial Nord Stream 2 gas pipeline which would double its reliance on Russian gas following growing geopolitical pressure to scrap the project.

Energy markets across Europe surged after the German energy regulator suspended its certification process, in a big setback to Kremlin-backed Gazprom’s plans to extend Russian gas dominance via a new pipeline across the Baltic Sea.

UK gas prices for next month surged 9.3% on Tuesday to 223p a therm, an almost three-week high, while the Netherlands – which is one of the biggest gas markets in Europe – suffered an increase of 7.9% to 88.05 euros a megawatt hour.