Why is Russia driving Europe's gas prices? What happens if they cut the flow?
ABCThe Nord Stream 1 pipeline that transports gas from Russia to Germany will undergo planned maintenance this week, cutting gas supplies to Europe and raising concerns about a prolonged halt to supply. Russia has already reduced production to 40 per cent of the pipeline's capacity, which has helped to push up European and British gas prices. Russian gas flows to Europe have already fallen in the first half of 2022, with flows through the three main pipeline routes down about 50 per cent compared to the first half of 2021. Germany, Europe's biggest consumer of Russian gas that has halted certification of the new Nord Stream 2 gas pipeline because of the Ukraine war, could import gas from Britain, Denmark, Norway and the Netherlands via pipelines.