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Energy prices: LNG terminal as insurance
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Lindner at Ecofin

Dear reader,

Given the Russia-Ukraine conflict, the new Foreign Minister, Annalena Baerbock, is traveling on to Moscow today after yesterday’s visit to Kiev. Against the backdrop of the Russian threat and the resulting ongoing sanctions debate, she expects a difficult conversation with her counterpart Sergey Lavrov there, as Falk Steiner points out in the news.

The Nord Stream 2 gas pipeline will certainly also play a role in the talks. Yesterday, Lavrov’s ministry warned against politicizing the certification process. By contrast, RWE CEO Markus Krebber expressed renewed doubts about the project on Monday. Instead, he promoted a German LNG terminal. This could serve as insurance in times of crisis, as Manuel Berkel reports.

Yesterday, the EU Parliament commemorated the late President of the Parliament, David Maria Sassoli. Today, the election of his successor Roberta Metsola is on the agenda, who may have opponents, but has little cause for concern. With Metsola, the second EU institution besides the Commission will be led by a conservative EPP politician, as Eric Bonse explains. He has also taken a look at the 14 designated deputies and noticed that the picture is somewhat more diverse.

Your
Lukas Scheid

Feature

Energy prices: LNG terminal as insurance

Essen-based energy company RWE is tuning the markets for a sustained high price level and is using the opportunity to promote a German LNG terminal to diversify imports.

According to utility RWE, the current geopolitical situation will continue to cause uncertainty on the energy markets for some time. “It will take longer for prices to stabilize,” CEO Markus Krebber said at the Handelsblatt Energy Summit in Berlin on Monday.

In the power market, the day-ahead price for baseload stood at €235.87 at midday; on the EEX, calendar year 2023 traded at €115.10. Gas futures for February on the Dutch trading point TTF started at €91 per megawatt-hour on Monday morning, after closing at €86.97 on Friday. Over the weekend, the Reuters news agency had reported on talks between the US State Department and European utilities on contingency plans. According to the report, in the conflict between Russia and Ukraine, the US is preparing gas supplies to Europe in case Russia stops gas deliveries to the West in response to possible sanctions.

Against this background, the RWE CEO campaigned for a dedicated German terminal for importing liquefied natural gas. “An LNG terminal for Germany belongs on the energy policy agenda,” Krebber said. The Essen-based company has secured import capacity for the planned LNG terminal in Brunsbüttel, which is to be built by a joint venture led by Gasunie but is under considerable pressure from environmental groups. RWE also says it is investigating the possibility of importing hydrogen through the terminal. Plans for another German LNG terminal in Stade are being pursued by Hanseatic Energy Hub GmbH.

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