Europe's largest economy, Germany, is increasing its gas readiness and introducing phase 2 of an emergency plan - the alarm phase - due to high prices and a reduction in gas supplies from Russia. The country's economy ministry announced this on Thursday. The second phase is being introduced when the government sees a high risk of a shortage of gas supplies in the long term.
- Let's make no mistake: The reduction in gas supplies from Russia is an economic attack on us from Putin, says Economy Minister Robert Habeck in a press release.
Russia recently significantly reduced deliveries to Germany via the Nord Stream 1 gas pipeline. This prompted the Danish Energy Agency to declare so-called "Early Warning", which serves as a signal to players in the gas market to prepare for a shortage. This is the lowest of three different readiness levels.
Has been on alert since March
Germany has been in phase 1 of its emergency plan since the end of March. This means that the daily supply has been closely monitored. In addition, there has been a focus on filling up gas stocks.
In phase 2, it is still assessed that the market is able to handle the missing supplies. In this phase, there is no need for government intervention in the form of, for example, stopping gas for selected companies. However, this may happen in phase 3. Habeck urges all Germans to save gas. The nation must stand together to fill the stocks before winter, he believes.
- We are in an economic confrontation with Russia, he says.
The increased gas readiness, which was introduced on Thursday, does not allow utility companies to increase gas prices for customers under a special energy security law. This has otherwise allegedly been a request from the industry.
Ritzau / Reuters
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