E.ON downgraded its investment in Nord Stream by €700 million
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The German energy concern E.ON said that against the backdrop of hostilities in Ukraine, it adjusted the estimate of its investments in the Nord Stream gas pipeline, reducing it by € 700 million. This is stated in the reporting (.pdf) of the company following the results of the first half of the year.
E.ON. and Germany’s Wintershall Dea owns 15.5% of Nord Stream AG, the operator of the Nord Stream gas pipeline. 51% of the company is owned by a subsidiary of Gazprom, 9% by the Dutch NV Nederlandse Gasunie and the French Engie.
The report clarifies that E.ON’s business was affected by the fighting in Ukraine, which led to an increase in commodity prices. Because of this, the German company has reassessed its investment, including its stake in Nord Stream AG.
E.ON from mid-March stopped purchase natural gas from Russian suppliers. CEO Leonard Birnbaum thinksthat Germany is unlikely to survive the next two winters without Russian gas, but may completely abandon it by 2025. Exit Nord Stream E.ON. does not intend.
On the reduction of supplies through the gas pipeline – in the material “Kommersant” “Turbine pumps correspondence”.
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