From Investing.com (also on blogroll at right), June 23:
Germany will move a step closer to rationing supplies of natural gas, fearing a total cut-off of supplies from Russia, German newswire dpa cited unnamed officials as saying, announced on Thursday.
Europe's largest economy will trigger the second phase of a three-phase plan to guarantee security of supply, making it easier for utilities to restart coal-fired power stations in order to ensure constant electricity supply. However, Vice-Chancellor and Economy Minister Robert Habeck said that the government won't immediately activate a clause in the plan that would allow gas suppliers to immediately pass on the sharp increase in their import costs.
"Gas supply is currently guaranteed. But the situation is tight," the Economy Ministry said in a statement on Thursday.
Germany's decision comes a week after Russia cut the supply of gas to its largest customer by 60%, blaming the absence of compression equipment that has gotten stuck in Canada due to Ottawa's sanctions. However, Russia's gas export monopoly Gazprom (MCX:GAZP) has chosen not to supply gas volumes via an alternative route through Ukraine. It has also cut supplies to Italy, which doesn't use Nord Stream. Habeck rejected Gazprom's explanations and said the move was "politically motivated"....
....MUCH MORE
