What will happen to the German people and economy if Russia cuts off their natural gas? Germany is trying to prepare for the worst case scenario of Russia not turning back on the Nord Stream 1 natural gas pipeline. “Russian gas export monopoly Gazprom has declared force majeure on gas supplies to Europe to at least one major customer starting June 14, according to the letter seen by Reuters.”
The Nord Stream 1 pipeline has been under scheduled maintenance since July 11th. The pipeline is scheduled to come back on line on July 22.
Before the maintenance, the pipeline flows were reduced by 40% because of a turbine that Siemens sent to Canada to be repaired. Canada at first refused to send the turbine back because of Russian Sanctions. Canada has now agreed to return the turbine to Germany.
Gazprom, has said that they can not guarantee that the pipeline will open because they do not have paper work proving the turbine will be returned.
This has the German government trying to prepare for the worst.
If the Nord Stream 1 gas is shut off, Germany plans to ration energy and implement measures to get through the winter.
These measures include using coal, lignite, and encouraging people to chop down trees to use the wood for heating their homes. They also want people to shower less, wear more layers of clothes and drive less. There will also be warming centers for people to go to if their house is too cold.
Do your own due diligence of any stock or any other investment before you consider investing in it.
Disclaimer: I am not a financial advisor, and nothing on this channel is meant to be financial advice. The ideas expressed on this channel are purely opinions and should not be regarded as objective information. Nothing on this channel is a recommendation to buy or sell securities. Do not assume that facts and numbers in any video are accurate. Always do your own due diligence.