Nord Stream 2 could play a role in calming gas prices

Nord Stream 2 was completed last month despite years of opposition from countries including the United States, which warned that it would boost Moscow’s influence in Europe. Natural gas prices in Europe have increased more than 130% since September and are more than eight times higher than on the same month last year. According to Russian Deputy Prime Minister Alexander Novak, “early completion of the certification” for Nord Stream 2 would help “cool off the current situation.” The pipeline, which runs from Russia under the Baltic Sea and into Germany, is awaiting clearance from German authorities. EU energy chief Kadri Simson said in a statement that “This price shock is an unexpected crisis at a critical juncture. The immediate priority should be to mitigate social impacts and protect vulnerable households.”