The Fort Worth Press - Germany begins slow move away from Russian gas after Ukraine invasion

USD -
AED 3.673042
AFN 68.858766
ALL 88.802398
AMD 387.151613
ANG 1.799401
AOA 927.769041
ARS 962.503978
AUD 1.46886
AWG 1.8
AZN 1.70397
BAM 1.749922
BBD 2.015926
BDT 119.312844
BGN 1.750011
BHD 0.376415
BIF 2894.376594
BMD 1
BND 1.290118
BOB 6.899298
BRL 5.418691
BSD 0.998434
BTN 83.448933
BWP 13.198228
BYN 3.267481
BYR 19600
BZD 2.012526
CAD 1.35815
CDF 2871.000362
CHF 0.849991
CLF 0.033728
CLP 930.650396
CNY 7.051904
CNH 7.043005
COP 4153.983805
CRC 518.051268
CUC 1
CUP 26.5
CVE 98.657898
CZK 22.451404
DJF 177.79269
DKK 6.68204
DOP 59.929316
DZD 132.138863
EGP 48.452557
ERN 15
ETB 115.859974
EUR 0.894904
FJD 2.200804
FKP 0.761559
GBP 0.75061
GEL 2.730391
GGP 0.761559
GHS 15.696327
GIP 0.761559
GMD 68.503851
GNF 8626.135194
GTQ 7.71798
GYD 208.866819
HKD 7.790095
HNL 24.767145
HRK 6.799011
HTG 131.740706
HUF 352.160388
IDR 15160.8
ILS 3.777515
IMP 0.761559
INR 83.48045
IQD 1307.922874
IRR 42092.503816
ISK 136.260386
JEP 0.761559
JMD 156.86485
JOD 0.708504
JPY 143.90404
KES 128.797029
KGS 84.238504
KHR 4054.936698
KMF 441.350384
KPW 899.999433
KRW 1332.490383
KWD 0.30507
KYD 0.832014
KZT 478.691898
LAK 22047.152507
LBP 89409.743659
LKR 304.621304
LRD 199.686843
LSL 17.527759
LTL 2.95274
LVL 0.60489
LYD 4.741198
MAD 9.681206
MDL 17.42227
MGA 4515.724959
MKD 55.124592
MMK 3247.960992
MNT 3397.999955
MOP 8.014495
MRU 39.677896
MUR 45.880378
MVR 15.360378
MWK 1731.132286
MXN 19.416804
MYR 4.205039
MZN 63.850377
NAD 17.527759
NGN 1639.450377
NIO 36.746745
NOK 10.482404
NPR 133.518543
NZD 1.603206
OMR 0.384512
PAB 0.998434
PEN 3.742316
PGK 3.9082
PHP 55.653038
PKR 277.414933
PLN 3.82535
PYG 7789.558449
QAR 3.640048
RON 4.449904
RSD 104.761777
RUB 92.515546
RWF 1345.94909
SAR 3.752452
SBD 8.306937
SCR 13.062038
SDG 601.503676
SEK 10.170404
SGD 1.291304
SHP 0.761559
SLE 22.847303
SLL 20969.494858
SOS 570.572183
SRD 30.205038
STD 20697.981008
SVC 8.736188
SYP 2512.529936
SZL 17.534112
THB 32.927038
TJS 10.61334
TMT 3.5
TND 3.025276
TOP 2.342104
TRY 34.124875
TTD 6.791035
TWD 31.981038
TZS 2725.719143
UAH 41.267749
UGX 3698.832371
UYU 41.256207
UZS 12705.229723
VEF 3622552.534434
VES 36.777762
VND 24605
VUV 118.722009
WST 2.797463
XAF 586.90735
XAG 0.03211
XAU 0.000381
XCD 2.70255
XDR 0.739945
XOF 586.90735
XPF 106.706035
YER 250.325037
ZAR 17.38465
ZMK 9001.203587
ZMW 26.433141
ZWL 321.999592
  • RBGPF

    58.8300

    58.83

    +100%

  • SCS

    -0.3900

    12.92

    -3.02%

  • RELX

    -0.1400

    47.99

    -0.29%

  • BTI

    -0.1300

    37.44

    -0.35%

  • GSK

    -0.8200

    40.8

    -2.01%

  • RYCEF

    0.0200

    6.97

    +0.29%

  • AZN

    -0.5200

    78.38

    -0.66%

  • NGG

    0.7200

    69.55

    +1.04%

  • RIO

    -1.6100

    63.57

    -2.53%

  • BP

    -0.1200

    32.64

    -0.37%

  • BCC

    -7.1900

    137.5

    -5.23%

  • BCE

    -0.1500

    35.04

    -0.43%

  • JRI

    -0.0800

    13.32

    -0.6%

  • CMSC

    0.0300

    25.15

    +0.12%

  • CMSD

    0.0100

    25.02

    +0.04%

  • VOD

    -0.0500

    10.01

    -0.5%

Germany begins slow move away from Russian gas after Ukraine invasion
Germany begins slow move away from Russian gas after Ukraine invasion

Germany begins slow move away from Russian gas after Ukraine invasion

The invasion of Ukraine has thrown Germany's problematic dependence on Russian gas into stark relief, forcing Europe's largest economy to urgently reshape its energy mix.

Text size:

In a previously unthinkable step for Chancellor Olaf Scholz's young government, the crisis even has politicians considering delaying Germany's planned exit from nuclear energy and coal to keep the lights on.

"We will change course to overcome our import dependence," Scholz said Sunday at an extraordinary session of the Bundestag, or lower house of parliament, on the Ukraine crisis.

The decision represents a massive and expensive reversal for the government which has banked on Russia to secure its energy needs over the past two decades.

With Russia increasingly isolated internationally as a result of economic sanctions over Ukraine, Berlin can no longer rely on Moscow to keep supplying over half of the country's gas.

While energy supplies have largely been exempted from the West's response, policymakers still needed to "prepare for a scenario" where Russia "stops gas deliveries", Finance Minister Christian Lindner said on Tuesday.

- Liquefied gas -

Initially, Germany hopes to substitute Russian supplies with larger deliveries of liquefied natural gas (LNG), a super-chilled form of the fuel, which can be imported by sea from producers such as the United States or Qatar.

The German government made a splash in the LNG market on Wednesday by announcing it was earmarking 1.5 billion euros ($1.7 billion) for the fuel.

But Germany lacks the infrastructure to absorb huge new supplies, with no LNG terminals along its coast where tankers can dock.

Their absence means it will have to import supplies through one of the European Union's 21 other terminals, a costly solution at a time when energy prices are soaring.

"Germany must build its own LNG terminals with the necessary connections and infrastructure," the economy ministry concluded last week.

A number of projects, which had stalled because of a lack of political and financial backing, could also receive "public support", the ministry said.

In the northern town of Stade, on the Elbe, the construction process for one project is about to get under way.

"The technical assessments are complete," Hanseatic Energy Hub, the company behind the project, told AFP.

Meanwhile, in Wilmershaven, on the North Sea coast, the Belgian group TES is also planning to build a facility.

The terminals could, however, take some time to come online. "The approval process takes minimum three years, and two for construction," Karen Pittel, energy expert at the Ifo institute think-tank, told AFP.

- Climate objectives -

The narrow room for manoeuvre has cast doubt over Germany's ambitious timetable for its transition towards renewable energy.

Germany's governing coalition of the Social Democrats, the Greens and the liberal FDP, in office since December, had promised an earlier exit from coal in 2030 and maintained Angela Merkel's decision to exit nuclear by the end of 2022.

Paradoxically, natural gas was to play a crucial bridging role in the planned green shift, providing a ready energy supply when the wind is still or the sun does not shine -- at least until the technology to store the energy produced by renewables catches up.

"There are no more taboos," Economy and Climate Minister Robert Habeck declared recently. "In the short term, we may need to hold coal power plants in reserve out of caution," he said.

The Green party minister likewise did not rule out pushing back the closure of the country's last three operational nuclear power plants.

The government would, however, face significant challenges were it to pursue the nuclear option. "You cannot just extend a nuclear plant you have decided to close like that," energy expert Pittel said.

There were "extremely high hurdles, on a technical and administrative level" to keep the plants going, the plant operator RWE told German daily Handelsblatt.

T.Mason--TFWP