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Nord Stream II Files For Bankruptcy: TASS

ENERGY

Russia's state-run outlet TASS reporting that the Nord Stream II gas pipeline from Russia to Germany has filed for bankruptcy in the wake of the German gov'ts decision to halt the pipeline's certification in the wake of the Russian invasion of Ukraine.

  • Yesterday, NSII's German unit warned of the probability of being wound up in a statement, saying "Due to current developments, also at our shareholder Nord Stream 2 AG, Gas for Europe GmbH will probably be wound up,"
  • The diversification of energy supplies in Europe away from Russian gas is likely to be a long-running political and economic theme over the coming years. Faster shifts towards renewables a given, but also potential pressure to expand nuclear capacity could come to the fore. All of this likely to keep European energy prices elevated over a lengthy time horizon.
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