The natural gas pipeline project “Beixi-2”, a cooperation between Russia and Germany, was once again blocked during the start-up process. On November 16, local time, the German energy regulatory agency announced the suspension of certification and approval of the “Beixi-2” project because the project failed to form an operating subsidiary recognized by German law.
According to the design plan, the “Beixi-2” pipeline can bypass Ukraine and directly transport Russian natural gas from the Baltic Sea floor to Europe. This project has long been strongly criticized by the United States, Ukraine and other countries. They believe that this may make Europe over-reliant on Russian supplies for natural gas.
However, some European governments have stated that this pipeline is essential to ensure European energy supply in the face of the recent rise in natural gas prices and the threat of power supply interruption.
Affected by this news, European natural gas futures prices soared by more than 17% that day; TTF benchmark Dutch natural gas futures rose by more than 15% in late trading, setting the highest single-day increase in more than a month.
Germany suspends the approval of the “Beixi-2” project, European natural gas prices have soared! Click on the video to see what it is!