European governments and gas traders are counting down to Thursday morning to see if Russia’s biggest pipeline to the continent will restart after maintenance.
Moscow has been curbing gas shipments to Europe for months, but the continent still relies on the little it’s getting to fill the retired salt caverns, aquifers and fuel depots that hold its fuel inventories. Without Russian gas, Europe is unlikely to have enough supply to warm homes and keep the lights on throughout the winter. The risk isPolicy makers are preparing for the worst, with the European Union on Wednesday unveiling a plan to try to curb gas consumption by 15%.
Meanwhile, Gazprom PJSC has been flush with cash due to high gas prices, despite exports dropping to multiyear lows.