The duration of high gas prices in Europe is likely to last until next summer, experts said, based on a statement from Germany’s Federal Network Agency (BNA) President Jochen Homann that a decision on the certification of the Nord Stream 2 gas pipeline would not be made in the first half of 2022, reported Izvestia.
The German regulator’s statement will lead to another spike in spot gas prices, said igor Yushkov, senior analyst at the National Energy Security Fund. He emphasized that the market had not expected Nord Stream 2 to become operational before the end of the current heating season, but the BNA’s statement created additional market anxiety, driving prices higher.
Homann’s remark is not the first one to trigger a price race on Europe’s gas market. Prices started rising again after Germany’s new Foreign Minister Annalena Baerbock said on Dec. 14 that there were no reasons to launch Nord Stream 2. Prices remain high amid Europe’s low gas storage levels, which will become even lower if this Winter turns out to be really cold, experts warn.
