Russia shuts down gas pipeline: "Extremely serious"

Of: 

Oskar Forsberg 

Published: Today 18.52 

Updated: Less than 2 hours ago 

NEWS 

Russia's gas supplies through Nord Stream 1 are suspended indefinitely. 

The line was supposed to be closed for three days, but now comes word that it will be longer than that, according to Reuters. 

- This is extremely serious news we are now receiving, says Finance Minister Mikael Damberg (S). 

The Russian gas giant Gazprom stopped the supply of gas to Europe this week. It was then communicated that it was due to maintenance. 

When the price of gas increases, so do electricity prices, says energy market consultant Christian Holtz at Merlin & Metis AB. Photo: Merlin & Metis AB

Nord Stream 1 would be shut down for three days. 

But now comes the announcement that the gas will be completely stopped indefinitely, according to Reuters. Gazprom has not stated when it will reopen the pipeline. 

Damberg: "Has major consequences" 

Finance Minister Mikael Damberg (S) is concerned after the announcement about Nord Stream 1, which he calls "extremely serious". 

- It has major consequences for Germany, but also consequences for the rest of Europe and Sweden, he says.

Damberg says that they are now following the development very closely. 

- It is important to separate gas prices from electricity prices. If we do that, we end up in a completely different situation, we build a defense barrier against Russia, he says. 

Now the prices are rising

- It turned out as many feared. When the news about the maintenance came on Wednesday, gas prices shot up, says Christian Holtz, electricity market analyst.

 Now it will increase further. 

- And after that the electricity prices, especially in southern Sweden, says Christian Holtz.

On the left, Russian gas monopoly Gazprom's office in St. Petersburg.On the right, the Reckrod gas storage facility in Germany. Photo: Dmitri Lovetsky/Michael Probst (AP/TT) 

Nord Stream 1 supplies Europe with gas, but following the sanctions against Russia due to the invasion of Ukraine, gas deliveries to the west have been gradually reduced, leading to increased electricity prices. 

And now the faucet is completely closed.·