BERLIN (Sept 20): The German government released another €2.5 billion (RM11.43 billion) of credit lines to secure gas supplies, as it writes off Russia as a reliable energy supplier.
Racing to replace Russian gas supplies with alternative sources, Germany had set aside a total of €15 billion in credit lines — to be disbursed in tranches. Now the first €1.5 billion has been nearly exhausted, the government has added another €2.5 billion to buy liquefied natural gas (LNG), according to a document seen by Bloomberg.
Berlin has been forced to unwind decades of tight energy ties with Russia since the invasion of Ukraine. It is taking radical steps to retool policy, including taking control of swathes of the economy, securing supplies from new sources, and stepping up its use of both coal and LNG.
Earlier this year, the federal government commissioned Trading Hub Europe GmbH, known as THE, to replenish gas inventories — and the credit lines are designed to support those purchases.
Stockpiles now stand at 90% of capacity and it aims to reach 95% by Nov. 1. That will provide a buffer for this winter, although questions remain about how Europe will cope with the one after.
As part of its strategy to cope without Russian gas, Germany plans to deploy a series of floating storage units that receive LNG and convert it back into gas. The first floating storage unit in Wilhelmshaven will begin operations by Dec 21 with several more coming into service in 2023.
Source: TheEdge - 21 Sep 2022
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024