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Nord Stream 2 Delays Send European Natural Gas Price Soaring

  • German energy regulator halted pipe’s certification process
  • Operator to create a German subsidiary in bid to meet EU rules
Nord Stream 2 Gas Pipeline Still Months From Easing Europe's Gas Woes
Photographer: Krisztian Bocsi/Bloomberg
Updated on

Russia’s controversial Nord Stream 2 pipeline faces another delay after Germany suspended a key step in the approval process, sending European gas prices surging as much as 12%.

Germany’s energy regulator halted the certification process necessary before the new link from Russia can start. The suspension will allow Switzerland-based Nord Stream 2 AG, the operator of the pipeline owned by Gazprom PJSC, to set up a German subsidiary in an effort to meet European Union rules requiring gas producers to be legally separate from entities transporting the fuel.