Prices surged by over 15% after Germany’s agency Bundesnetzagentur had suspended the certification procedure of the Russian gas pipeline.
Gas prices in the European Union and the UK have grown by 17% after the German Federal Network Agency Bundesnetzagentur
According to the agency, the pipeline’s functioning had to be organized according to German law and in a corresponding legal form before launching the project worth around €10bn ($11.3bn).
“Following a thorough examination of the documentation, the Bundesnetzagentur concluded that it would only be possible to certify the Swiss operator of the pipeline if that company was organized in a legal form under German law,” the regulator said in a statement.
The agency says that the assets of the Switzerland-based parent company Nord Stream 2 AG had to be transferred to its German subsidiary. Now Nord Stream 2 is expected to be delayed for several months before it can finally be examined and approved by the European Commission.
The EU is facing a grave energy crisis and has seen gas prices increase several times this year. Earlier, Belarusian President Alexander Lukashenko