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Note on the Nord Stream 2 receiving station: Fines may be imposed
Photo: Jens Büttner / dpa
The Federal Network Agency is temporarily suspending its procedure for the approval of gas transport through the Nord Stream 2 gas pipeline.
First of all, the operating company must be organized according to German law, the authority announced on Tuesday.
Without certification by the Federal Network Agency, gas transport through the completed Baltic Sea pipeline into the German internal market is not permitted.
There is a risk of fines, for example.
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According to the EU gas directive, the operation of the pipeline and the distribution of the gas must be sufficiently separated. According to the Federal Network Agency, the Switzerland-based Nord Stream 2 AG, backed by the Russian gas company Gazprom, has decided to set up a subsidiary under German law only for the German part of the pipeline. This should become the owner of the German section of the pipeline and operate it. The certification process will remain suspended until the transfer of the essential assets and human resources to the subsidiary has been completed, it said. The authority could then continue its examination. A deadline for the procedure expires in January.
Even if the Federal Network Agency gives the green light, a review by the European Commission is planned.
This could take up to four months for this.
After that, the Federal Network Agency would again have two months for a possible final certification.
The news caused a stir in European gas wholesalers.
On the Dutch reference market TTF, the price for the futures contract for natural gas for delivery in December rose sharply.
In the morning it was around 88 euros per megawatt hour - around 10 percent higher than on Monday evening.
mik / dpa
