Europe today enters a ten-day period of heightened energy-crisis suspense as Moscow’s real intentions over the Nord Steam I gas pipeline, just closed for annual maintenance, will not be known until July 21, when the subsea pipeline, running from Russia to Germany, is scheduled to reopen.
European leaders are worried the pipeline’s ten-day closure could develop into an indefinite closure, the worst-case scenario. Natural gas prices, as a result, are continuing to escalate.
In France, the country’s power utility EDF will be nationalized to help the company ride out the European energy crisis and invest in atomic plants. In Germany, the emergency effort includes electricity consumption restrictions as well as rescue plans for beleaguered companies, among them the Uniper energy group.
All is possible should the Nord Steam I pipeline not reopen on July 21, from a deep recession in Germany, an intensified energy crisis throughout Europe, company bankruptcies, electricity and natural gas rationing, and further cost-of-living increases.
Two in ten enterprises around Europe are currently battling to stay afloat, according to the European Investment Bank.