The EU has once again thrown a wrench into the opening of the Nord Stream 2 pipeline, this time citing potential noncompliance with the bloc’s energy policy.
According to Reuters, European Commission Vice President Valdis Dombrovskis on Monday announced that Nord Stream 2 is being put on pause as the bloc evaluates the Russian-owned pipeline’s compliance with Europe’s energy policies. Dombrovskis also emphasized that the bloc will ensure that there isn’t a possibility Russia could use natural gas as a political hedge against the European Union.
In the meantime, Europe’s natural gas reserves have plummeted to historically low levels in January, as tensions between Moscow and Ukraine continue to intensify. According to data from Gas Infrastructure Europe, storage facilities stood at 39.65% capacity, marking the first time that inventories sunk below 40%. Normally, gas reserves don’t slump even below half until mid-February, and during mild winters the midpoint isn’t reached until the beginning of March.
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