Group of EU lawmakers seeks probe of Gazprom’s position in fuel value surge

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A specialist welds a pipe whereas ending the development of the Nord Stream 2 fuel subsea pipeline onboard the laybarge Fortuna in German waters within the Baltic Sea, September 6, 2021. Nord Stream 2/Axel Schmidt/Handout by way of REUTERS

BRUSSELS, Sept 17 (Reuters) – A bunch of European Parliament lawmakers has requested the European Commission to research Gazprom’s position in hovering European fuel costs, saying the corporate’s behaviour had made them suspect market manipulation.

Gas costs in Europe have surged in latest months, serving to to drive European electrical energy prices to multi-year highs, with wholesale energy costs not forecast to fall considerably this yr. read more

In a letter to the EU’s govt Commission, dated Sept. 16, round 40 of the Parliament’s 700 lawmakers stated they suspected Russia’s Gazprom had acted to push up fuel costs.

“We call on the European Commission to urgently open an investigation into possible deliberate market manipulation by Gazprom and potential violation of EU competition rules,” stated the letter.

In response to the accusations, Gazprom stated it equipped its clients with fuel in full compliance with current contracts.

The European Commission stated it had acquired the letter and would reply in the end.

The lawmakers stated they have been suspicious of the corporate’s “effort to pressure” Europe to agree a quick launch to its Nord Stream 2 fuel pipeline, which nonetheless has to clear regulatory hurdles that might take months to finish.

Gazprom introduced final week that it had accomplished building of the Nord Stream 2 pipeline to Germany, doubling its fuel exporting capability by way of the Baltic Sea.

The EU lawmakers cited incidents together with latest shut-ins of a few of Gazprom’s manufacturing and stated the corporate had refused to e-book fuel transport capacities by way of current pipelines.

“All these factors allow to suspect that the record natural gas price surge in Europe in the recent weeks may be a direct result of Gazprom’s deliberate market manipulation,” the letter stated.

Nord Stream 2 has confronted sanctions from the United States and criticism from different international locations cautious of the EU rising its reliance on vitality imports from Russia.

Reporting by Kate Abnett; further reporting by Vladimir Soldatkin, Thomas Balmes; Editing by Louise Heavens

Our Standards: The Thomson Reuters Trust Principles.


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Kate Abnett

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