The worst-case scenario for natural gas supply in Europe appears to be turning into a reality. If Russian gas supply to Germany via the Nord Stream I pipeline – now closed temporarily for repair work, according to Russia’s Gazprom – ends up being stopped, long term, the effects, skyrocketing prices and energy shortages, would swiftly spread across Europe.
The pipeline’s shut-off would leave no supply route unaffected, including Turk Stream, a key pipeline route for supply of Russian gas to Greece.
Greek government officials discussed concerns over such a scenario during a meeting yesterday at the Prime Minister’s office, while, on a wider level, the clouds are darkening over Europe, as Moscow appears increasingly likely to keep Nord Stream I shut off.
If so, Greece will need to activate its national emergency plan, whose measures include further LNG shipments, diesel conversion of natural gas-fueled power stations, and increased lignite power generation.
Even so, the national emergency plan may not suffice to fully cover the country’s energy demand should cold winter conditions be prolonged, a minister who took part in yesterday’s meeting at the Prime Minister’s office acknowledged to energypress.
In Greece, the wholesale price of natural gas rose sharply yesterday to 280 euros per MWh, impacting electricity prices.