Nord Stream Sees Unprecedented Damage to Gas Pipeline to Germany Transcript

Speaker 1: (00:00)
What do we know and what don’t we know about the Nord Stream 1 and Nord Stream 2 damage?

Vanessa Dezem: (00:09)
So we know that things happened almost simultaneously. So we saw pressure dropping in both Nord Stream and Nord Stream 2 pipelines. And Nord Stream operators said that actually there’s no clue, they cannot say, it’s impossible to say when flows can resume through the pipeline.

Vanessa Dezem: (00:31)
We see there are some gas leaks. They were detected in the Danish and Swedish exclusive economic zones. Germany said it’s investigating. Denmark said it is stepping up security at its energy facilities. We don’t know the reasons. We don’t know what is the actual impact of those leaks. So there is still a lot being investigated.

Speaker 3: (00:59)
Yeah, a lot to discover, a lot to understand about what has caused this then, Vanessa. What does this mean for energy markets? I just highlighted a jump in the benchmark energy price in Europe today. But is that because it’s telling us something about the future and the chances of seeing supply restored? Because both of these pipelines are idled at the moment.

Vanessa Dezem: (01:19)
Exactly. So let’s remember both pipelines are idle. Nord Stream was halted, the flows through Nord Stream were halted earlier this month. And also Nord Stream two has never sent any gas to Europe after Russia started its war in Ukraine.

Vanessa Dezem: (01:38)
And so, actually, there is no impact in gas supplies to Europe. There is no impact. But look, the market traders are already tense. The situation is tense. Markets are really tight and that just adds to this situation, to this bullish moment. And now that we know that it’s impossible to say when Nord Stream flows will resume, that is something that adds to this nervous…